- Cowen analyst Matt Elkott lowered the price target for Caterpillar Inc. (NYSE:CAT) to $225 (an upside of 25%) from $255 while maintaining the Outperform rating on the shares.
- The analyst expects a broad, long-term rebound in most segments, but macroeconomic factors and foreign exchange could cause bumps along the way.
- Elkott revised his estimates downward, citing persistent supply chain disruptions, higher input costs, potential foreign exchange headwinds, higher interest rates, and an economic slowdown.
- Citi analyst Timothy Thein also lowered the price target for Caterpillar to $190 from $225 while maintaining the Neutral rating on the shares.
- The analyst mentions that the lead indicators and other macro variables are sending too strong a message that a downturn is coming in machinery.
- Thein reduced his estimates and targets across the board but stated that near-term estimates should be largely insulated due to high backlogs and embedded pricing.
- Price Action: CAT shares are trading higher by 4.91% at $180.77 on the last check Thursday.
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