Caterpillar shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $349 to $332.
Portfolio Pulse from Benzinga Newsdesk
Caterpillar shares declined following a downgrade by Morgan Stanley, which changed its rating from Equal-Weight to Underweight and reduced the price target from $349 to $332.
October 14, 2024 | 12:46 pm
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Caterpillar's stock was downgraded by Morgan Stanley from Equal-Weight to Underweight, with a reduced price target of $332 from $349, leading to a decline in share price.
The downgrade by a major financial institution like Morgan Stanley typically signals a negative outlook, which can lead to a decrease in investor confidence and a drop in stock price. The reduction in price target further supports this negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100