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Caterpillar, Deere headline industrial sector ratings at Morgan Stanley

Mar. 02, 2018 2:52 PM ETCaterpillar Inc. (CAT) StockXLI, IYJ, VIS, CAT, OSK, PCAR, TEX, CMI, DE, URI, SIJ, UXI, RSPN, FXR, WBC, AGCO, CNHI, FIDU, AIRR, JHMI, INDF-OLD, REVG, IVESBy: Carl Surran, SA News Editor13 Comments
  • Caterpillar (CAT -2%) is the favorite stock in the construction machinery space for Morgan Stanley's Courtney Yakavonis, who thinks shares have more room to run amid an ongoing recovery in the global economy and growth in key end markets such as energy, mining, and North American infrastructure.
  • Deere (DE -1.9%) is the analyst's top pick in agriculture machinery due to its outsized exposure to the North American replacement cycle and a potential rebound in corn and soybean prices; the firm rates both stocks at Outperform with respective $185 and $195 price targets.
  • United Rentals (URI +1.5%) is seen surging in North American equipment rentals, and Yakavonis rates shares at Overweight with a $194 target price.
  • In trucking, Overweight-rated Wabco (WBC -1%) enjoys stable European exposure and tailwinds from safety regulations but Paccar (PCAR -2.6%) is Underweight due to its exposure to the heavy-duty truck market, which has been falling off.
  • Rated Equal Weight: CMI, REVG, CNHI, AGCO, OSK, TEX
  • ETFs: XLI, VIS, FIDU, IFLY, IYJ, FXR, AIRR, RGI, UXI, SIJ, JHMI, INDF

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