Bernstein lowered the firm’s price target on Caterpillar (CAT) to $360 from $378 and keeps a Market Perform rating on the shares. The firm notes the company reported Q4 earnings of $5.14, 2% ahead of Street, with the beat coming from non-core items. Overall, the results contained more good data points than bad, but the weight of the bad is “too heavy to ignore,” Bernstein adds.
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