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CATERPILLAR STOCK FALLS ON RATING DOWNGRADES - Capital Street FX
Caterpillar’s stock is currently trading at 133.49-lower by 0.10% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.02%. The stock has pared some of its earlier losses after the opening bell.
Brokerage firm Atlantic Equities downgraded the company’s stock to Underweight from Neutral due to expectations of weaker economic growth. The firm also lowered its price target on stocks of Caterpillar to $110 from $135. Atlantic Equities cuts its Earnings-Per-Share estimates for the heavy equipment maker. The firm also said that the stock’s PE multiples will not expand as its sell-side estimates are reduced.
On the technical front, the RSI is currently at 67.52% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 133.80 TAKE PROFIT AT 132.75 STOP LOSS AT 134.30