Analyst Steven Fisher downgraded the construction equipment manufacturer's shares to sell from neutral, citing a lack of growth momentum.
There's too little business momentum to justify Caterpillar's current valuation, according to UBS. Analyst Steven Fisher downgraded the construction equipment manufacturers' shares to sell from neutral, and cut his price target to $225 , implying 5% potential downside. The 2023 earnings estimate was cut 2% due to "higher expected pension expense," a note to clients on Friday said.
The multiple should compress as this deceleration is realized." UBS said that Caterpillar faces a slowdown in demand in the near future. Fisher noted that oil and gas investment, a large accelerator of growth in recent quarters, has plateaued as commodity prices have weakened. Residential building, which accounts for roughly a quarter of the company's construction segment, has been stalling, Fisher added.
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