Caterpillar price target lowered to $438 from $455 at Truist

Truist lowered the firm’s price target on Caterpillar (CAT) to $438 from $455 but keeps a Buy rating on the shares. The company’s Q4 sales of $16.2B declined 5% on weaker volumes tied to lower growth in services and shipment delivery delays in E&T, while its margins of 18.3% were solid but slightly softer on lower volumes and unfavorable mix of products, the analyst tells investors in a research note. Truist adds however that while investors are concerned about potentially bloated dealer inventories, dealer inventories declined more than expected, reflecting better than expected sales to end users.