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Deutsche downgrades CAT amid 'growth collapse'

Apr. 03, 2019 7:11 AM ETCaterpillar Inc. (CAT) StockCATBy: Yoel Minkoff, SA News Editor10 Comments
  • Caterpillar (NYSE:CAT) -1.4% premarket after Deutsche Bank lowered the stock to Hold from Buy and cut its 12-month price target to $128 from $152.
  • "Synchronized global growth has collapsed, the China Land Cycle is rolling over (and will continue to weaken despite the single positive data point this week), Europe is slowing more than expected and the US is oversaturated with construction equipment," wrote analyst Chad Dillard. "Each of these factors alone are powerful drivers of CAT's earnings, but together this synchronized slowdown will not only usher in a negative earnings revision cycle, but also make 2019 the cyclical peak."
  • "Street numbers for 2019 and 2020 are 5% and 20% too high, but the current share price does not reflect this reality," he added.

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