Why Caterpillar Stock (NYSE:CAT) Fell More than Its Sector Today
Shares of heavy machinery manufacturer Caterpillar (NYSE:CAT) are
down more than the overall industrial sector (XLI) in today's
session. This can be attributed to a downgrade from UBS (NYSE:UBS)
analyst Steven Fisher, who lowered the company from Buy to Hold.
This is despite the fact that Steven Fisher raised his price target
from $225 to $230 per share. UBS remains positive on Caterpillar's
underlying business, as it expects earnings and margins to continue
improving. Nonetheless, UBS cites multiple compression as the main
reason for the neutral stance.
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