Caterpillar price target lowered to $435 from $445 at Citi

Citi lowered the firm’s price target on Caterpillar (CAT) to $435 from $445 and keeps a Buy rating on the shares post the Q3 report. The firm reduced estimates down for both revenue and margins saying its concerns about inventories, pricing and margins within CI “seem to be coming to the fore.” It anticipates CI to remain challenged in the near-term.