On October 8, Caterpillar fell 3.04% in regular trading, trading at $791.74/share, with turnover of $10.19 billion. The stock extended its decline as investment banks lowered price targets and the construction machinery sector broadly weakened.
Evercore ISI cut its price target from $1,103 to $1,045 while maintaining an Outperform rating, and Truist had previously reduced it from $1,225 to $1,100 with a Buy rating, reflecting a more cautious view on near-term valuation upside. Within the Construction Machinery & Heavy Trucks sector, Cummins fell 0.55%, Westinghouse Air Brake fell 2.21%, Allison Transmission fell 2.93%, and Terex fell 4.58%, amplifying pressure on Caterpillar.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and related financial products, with segments spanning Construction Industries, Resource Industries, Energy & Transportation, and Financial Products.
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