Deutsche Bank downgraded Caterpillar to hold from buy and cut its 12-month price target to $128 from $152.
Shares of Caterpillar, a bellwhether for the global economy, fell on Wednesday after Deutsche Bank downgraded the maker of earth movers and other construction equipment.
"Synchronized global growth has collapsed, the China Land Cycle is rolling over , Europe is slowing more than expected and the US is oversaturated with construction equipment," wrote analyst Chad Dillard in a note to clients late Tuesday."Each of these factors alone are powerful drivers of CAT's earnings, but together this synchronized slowdown will not only usher in a negative earnings revision cycle, but also make 2019 the cyclical peak.
A better-than-expected manufacturing reading earlier in the week from China eased economic concerns a bit and boosted global stocks once again. This Deutsche Bank call flies in the face of those hopes for a comeback.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Stocks set to rise | Caterpillar shares fall | US-China reportedly near trade dealOptimism over the resumption of China trade talks is helping kick start stock futures this morning.
Consulte Mais informação »
French retailer Casino's shares fall after Moody's downgradeShares in French supermarket retailer Casino, which is battling to tackle concer...
Consulte Mais informação »
Deutsche Bank shares slide 4 percent on report of capital raising for merger with CommerzbankShares of Deutsche Bank and Commerzbank slipped after a report in the Financial Times stated that the former is in talks to raise as much as 10 billion euros ($11.2 billion) in fresh equity to support their potential merger.
Consulte Mais informação »
Walgreens cuts 2019 profit growth forecast after second quarter miss, shares fallWalgreens Boots Alliance Inc cut its 2019 profit growth forecast on Tuesday as t...
Consulte Mais informação »
FedEx shares have little 'upside surprise' potential this year, analyst says in downgradeFedEx stock was downgraded to neutral from positive by Susquehanna Financial on Thursday, as the firm believes there is little to drive the stock higher in the coming year.
Consulte Mais informação »
Deutsche Bank considers further cost cuts after weak quarter one: HandelsblattDeutsche Bank is considering fresh cost cutting after a weak first three months ...
Consulte Mais informação »
Bond yields spiral lower amid global growth gloomAsian share markets were painted red on Thursday as recession concerns sent bond...
Consulte Mais informação »
Stocks making the biggest moves midday: Deutsche Bank, Nielsen, Movado & moreThese are the stocks posting the largest moves midday Thursday.
Consulte Mais informação »
After Job Cuts, Deutsche Bank Plans New Electronic Stock-Trading VentureDeutsche Bank plans to launch a new electronic platform where it will trade U.S. stocks directly with large clients, instead of matching buyers and sellers for a fee like Wall Street banks typically do.
Consulte Mais informação »