Evercore ISI downgraded Caterpillar (CAT) to Underperform from In Line with a price target of $365, up from $321. The firm adjusted ratings in the machinery sector, saying a Trump win and “Red sweep” requires less caution but not broad bullishness with the current starting point challenging. Evercore favors small caps and domestic oriented stories over global players “with less compelling valuations.” The firm says Trump’s policies “undoubtedly will have wildcard implications hard to handicap in one’s models.”
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