Citigroup Trims Caterpillar Estimates on Growth Concerns (CAT)

By Staff,

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It didn't take long for Wall Street analysts to begin trimming future forecasts for equipment giant Caterpillar ( CAT ) following management's gloomy outlook days ago.

This morning it was Citigroup coming out and lowering its estimates for Caterpillar through the full-year 2013. The analyst has the stock rated as a neutral, as well as a $92 price target.

It has been a volatile year for the shares, hitting all-time highs of $116 a share back in February, but have since backtracked and are down 4% YTD.

The Bottom Line
Shares of Caterpillar ( CAT ) have a 2.39% dividend yield, based on last night's closing stock price of $86.92. The stock has technical support in the $80-$83 price area. If the shares can firm up, we see overhead resistance around the $90-$92 price levels.

Caterpillar ( CAT ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: CAT

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