Caterpillar's stock declines, with Morgan Stanley downgrading it and lowering price target ahead of Q3 earnings.
Caterpillar's stock declined after Morgan Stanley analyst Angel Castillo downgraded it from "equal weight" to "underweight," citing risks to earnings and signs of weakness in the U.S. construction sector. The price target was lowered from $349 to $332, indicating a potential 17% drop from its recent closing price of $402.02. This comes ahead of Caterpillar's third-quarter earnings report on October 24, with expectations for earnings per share now 10% below consensus estimates.
October 14, 2024
11 Articles