Caterpillar lowered to hold at Deutsche Bank after ‘really good’ quarter


Caterpillar CAT, +3.39% was downgraded to hold from buy at Deutsche Bank, which did increase its price target from $196 to $221. “The quarter was really good…but we have to draw a line in the sand on intrinsic value,” said analysts led by Nicole DeBlase. Pointing to the firm’s mid-September deep dive, DeBlase said nothing in the third-quarter report “changes that intrinsic value framework, and despite the fact that we did raise our price target by 13% to $221, there is simply not enough upside potential left to maintain a buy rating.”

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