1131 ET - The market doesn't seem to appreciate the degree to which President Trump's tariffs are going to destroy demand in most of the end markets that U.S. machinery companies serve, UBS analysts say in a research note. This isn't like during the pandemic, when hiked costs for companies were offset with higher demand that allowed those companies to raise prices, the analysts say. Cost pressures are coming at a time when ongoing economic uncertainty is going to kill demand in the end-markets for freight, construction, oil & gas, mining and industrial activity generally, the analysts say. They're downgrading the stocks of Caterpillar, Cummins, PACCAR, United Rentals and Terex to neutral ratings. Shares of each company are down between 3% and 5% in early trading. (dean.seal@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 11:31 ET (15:31 GMT)
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