Caterpillar (CAT -0.1%) has given up early gains to trade near the flat line.
Morning strength might have been partly attributable to a guardedly bullish note out of UBS, where analyst Steven Fisher has lifted his price target to $94 from $84.
"Our mind set is that it may be beneficial to be early in order to get ahead of the improvement in earnings," Fisher says, before warning that "there is some risk that CAT guides below the Street with the Q4 report, and some of the CAT indicators ... suggest caution near term."
2014 EPS estimate lowered to $5.65 (from $6).
2015 estimate hiked to $6.50 from $6.10.