UBS analyst Steven Fisher upgraded Caterpillar (CAT) to Neutral from Sell with a price target of $357, up from $272. The firm cites the better than expected progress and outcomes of trade discussions with China for the upgrade. UBS no longer sees the same extent of downside risk to Caterpillar’s earnings and multiples following the trade talks. Recent actions by the U.S. and foreign counterparts are “driving towards the contained downside scenario,” the analyst tells investors in a research note. However, UBS still thinks lingering uncertainty will be “somewhat of a drag on demand.”
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