Caterpillar price target lowered to $260 from $285 at Wells Fargo

Wells Fargo lowered the firm’s price target on Caterpillar to $260 from $285 and keeps an Equal Weight rating on the shares. The firm notes that shares were down as another margin-fueled upside quarter was more than offset by a year-over-year and quarter-over-quarter decline in backlog, stirring peak cycle angst. Given slowing trajectory, Wells reduces its price target on the stock on a lower price-to-earnings.