Cowen, Citi Slash Caterpillar's Price Target - Read Why - Caterpillar (NYSE:CAT)

Cowen analyst Matt Elkott lowered the price target for Caterpillar Inc. CAT to $225 (an upside of 25%) from $255 while maintaining the Outperform rating on the shares.
The analyst expects a broad, long-term rebound in most segments, but macroeconomic factors and foreign exchange could cause bumps along the way.
Elkott revised his estimates downward, citing persistent supply chain disruptions, higher input costs, potential foreign exchange headwinds, higher interest rates, and an economic slowdown.
Citi analyst Timothy Thein also lowered the price target for Caterpillar to $190 from $225 while maintaining the Neutral rating on the shares.
The analyst mentions that the lead indicators and other macro variables are sending too strong a message that a downturn is coming in machinery.
Thein reduced his estimates and targets across the board but stated that near-term estimates should be largely insulated due to high backlogs and embedded pricing.
Price Action: CAT shares are trading higher by 4.91% at $180.77 on the last check Thursday.
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Cowen, Citi Slash Caterpillar's Price Target - Read Why