** Brokerage UBS upgrades construction equipment maker Caterpillar CAT.N to "neutral" from "sell", raises PT to $357 from $272
** New PT a 2% upside to the stock's last close
** Brokerage sees upside for CAT following better-than-expected outcomes of U.S. trade discussions with China
** Brokerage expects CAT's earnings to decline by 15-20% in 2025, which is better than its previous estimate of 20-40%
** Brokerage projects that U.S. non-residential construction will grow by 4% in 2025, and CAT's North American construction machinery sales will grow by 3-4% in the second half of 2026
** "We think the more material downside sentiment is curtailed for now, and hold a more balanced view as policy gets finalized" - UBS
** Including session's moves, CAT stock down ~4% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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