Caterpillar: shares drop after downgrade.
(CercleFinance.com) - Caterpillar shares fell on Friday, after Deutsche Bank downgraded the world's largest maker of construction equipment from "buy" to "hold", citing "limited upside" on the stock.
The brokerage firm sees "waning scope" for further consensus upgrades given that the "mining aftermarket recovery and cross-cycle incremental margin improvement is already embedded in investor expectations".
Deutsche Bank has also reduced its target price from 121 dollars to 106 dollars.
Caterpillar shares are down 1.3% at 102.5 dollars on Friday morning, underperforming the Dow Jones index, which is down 0.2 percent in comparison.
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The brokerage firm sees "waning scope" for further consensus upgrades given that the "mining aftermarket recovery and cross-cycle incremental margin improvement is already embedded in investor expectations".
Deutsche Bank has also reduced its target price from 121 dollars to 106 dollars.
Caterpillar shares are down 1.3% at 102.5 dollars on Friday morning, underperforming the Dow Jones index, which is down 0.2 percent in comparison.
Copyright (c) 2017 CercleFinance.com. All rights reserved.