Caterpillar initiated with a Sector Perform at RBC Capital

RBC Capital initiated coverage of Caterpillar (CAT) with a Sector Perform rating and $560 price target While the firm believes Caterpillar is well-positioned against a generally mid-cycle operating backdrop, it also believes that these expectations are appropriately reflected in the valuation today. The firm said that, as a result, it remains on the sidelines until a more attractive entry point presents itself.