Caterpillar stock falls after long-time bullish analyst downgrades, saying it is nearing a 'cyclical pivot point' after recent strong outperformance
Shares of Caterpillar Inc. fell Monday, after the construction- and mining-equipment maker was downgraded by a long-time bullish analyst who said he believes they are nearing a “cyclical pivot point” following their recent strong outperformance.
The stock CAT slumped 1.4% in premarket trading, enough to pace the Dow Jones Industrial Average’s DJIA decliners. It has run up 23.1% over the past 12 months through Friday, reaching a record close of $264.54 two weeks ago, while the Dow has slipped 2.5% the past year. “We believe all four elements are likely to become headwinds” for the stock, Dobre said. While he lowered his price target to $230, he sees risk for valuation to contract toward the $180-to-$190 range, which implies 27%-to-23% downside. Read about Caterpillar’s Q4 results, in which profits missed expectations.)
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