Morgan Stanley analyst Angel Castillo lowered the firm’s price target on Caterpillar (CAT) to $300 from $330 and keeps an Underweight rating on the shares. Fundamentals worsened across the board in Q4 and in various respects are worsening in the first half of 2025, says the analyst, who adds that FY25 guidance “still looks optimistic.” Given an uncertain macro backdrop, the firm sees outstanding risk of further earnings cuts, “making it far too early to call the trough,” the analyst tells investors.
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