Deutsche Bank downgraded Caterpillar to hold from buy and cut its 12-month price target to $128 from $152.
Shares of Caterpillar, a bellwhether for the global economy, fell on Wednesday after Deutsche Bank downgraded the maker of earth movers and other construction equipment.
"Synchronized global growth has collapsed, the China Land Cycle is rolling over , Europe is slowing more than expected and the US is oversaturated with construction equipment," wrote analyst Chad Dillard in a note to clients late Tuesday."Each of these factors alone are powerful drivers of CAT's earnings, but together this synchronized slowdown will not only usher in a negative earnings revision cycle, but also make 2019 the cyclical peak.
A better-than-expected manufacturing reading earlier in the week from China eased economic concerns a bit and boosted global stocks once again. This Deutsche Bank call flies in the face of those hopes for a comeback.
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