1309 ET - Caterpillar likely has more earnings downside because of macro headwinds that isn't priced into the stock, according to UBS in a note. The analysts say recent underperformance reflects a modestly more challenged demand and pricing environment than was reflected in company expectations. But now, UBS thinks tariffs and continued uncertainty will weigh on the more economically sensitive parts of Caterpillar's business, including some construction verticals, oil and gas, and mining. UBS cuts Caterpillar to a sell rating from neutral and lowers the target price to $243 from $385. Caterpillar is down 0.8% to $277.83, and off 23% year-to-date. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
April 08, 2025 13:09 ET (17:09 GMT)
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