UPDATE: Credit Suisse Lowers PT on Caterpillar Following Dealer Survey Results

In a report published Friday, Credit Suisse analyst Jamie Cook reiterated an Outperform rating on Caterpillar CAT, but lowered the price target from $123.00 to $110.00. In the report, Cook noted, “We lower our 2013 EPS to $7 (from $7.77) as dealers seem less optimistic mining orders pick up, which is implied in the mid/upper end of CAT's EPS guide $7-9. We lower 2014-'15 EPS to $8.75 and $10.50 (from $9.70 and $11.80 respectively) and our TP to $110 (from $123). We reiterate Outperform, as we believe much of the negative headwinds are done, as inventory issues are behind us after Q1, worst from China is over and we believe CAT likely lowers or suggests the mid/high end is less likely, so EPS is more achievable for 2013.” Caterpillar closed on Thursday at $85.70.