Movement Alert｜Caterpillar Falls 3.04% in Regular Trading, earnings approach and target price cuts weigh on sentiment

Market Focus10-23 21:56

On October 23, Caterpillar fell 3.04% in Regular Trading, trading at $682.24 per share, with turnover of $259 million.

The recent catalyst in publicly available market updates is the combination of the approaching October 29 earnings release and a series of analyst target price reductions, even as broad ratings remained positive.

Recent reports noted Caterpillar is due to report quarterly results on October 29, with market focus on data-center power-related order conversion and margin trends. Consensus points to EPS of $7.12 for the quarter, versus adjusted EPS of $8.17 in the prior quarter, when revenue rose 23.99% year over year to $20.543 billion and net profit reached $3.593 billion. Separately, several firms lowered price targets, including Bernstein to $749 from $1,002, Evercore ISI to $1,045 from $1,103, and Truist to $1,100 from $1,225, which has pressured near-term sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment