Bear Note Weighs on Outperforming Caterpillar Stock
Caterpillar(CAT) Schaeffers Investment Research·2024-10-14 22:36
Shares of construction-equipment maker Caterpillar Inc. (NYSE:CAT) are 3.5% lower at $387.97 this morning, after suffering a bear note from Morgan Stanley. The Wall Street analyst downgraded CAT to "underweight" from "equal weight" and lowered its price target to $332 from $349, citing mounting pressure on the firm's construction industries segment and the equity's negative risk-reward profile.Coming into today, analysts were divided on Caterpillar stock. Of the 21 in coverage, eight still carried a "buy" o ...