Caterpillar falls after Evercore downgrades to "in line"

Ingersoll Rand

20/02/2024 14:12

** Equipment-maker Caterpillar's shares  CAT.N  fall 1.4% to
$317.50 premarket
    ** Evercore downgrades CAT to "in line" from "outperform"
    ** Also downgrades ratings on sector peers Ingersoll Rand
 IR.N  and Timken  TKR.N , citing bleak profit forecast
    ** Raises price target on CAT to $338 from $321,
representing a 5.3% upside on the stock's last close
    ** Ten brokerages rate CAT stock "buy" or higher, 15 rate it
"hold" and three "sell" or lower; their median PT is $315 - LSEG
data
    ** So far in 2024, CAT stock had risen ~9%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))