The Rising Influence of Rising Affluence

[DewDiligence]

CAT -9% on BofA downgrade—prompted by oil-and-gas sector:

https://www.barrons.com/articles/sell-caterpillar-stock-analyst-says-energy-prices-coronavirus-covid-19-51586792958

Bank of America analyst Ross Gilardi cut his rating on Caterpillar shares to the equivalent of Sell from Hold on Monday. His target price is $115 a share, very close to current levels.

Caterpillar generates about one-third of its sales from its Energy and Transportation segment, which includes business from energy customers. The division supports oil and gas companies, as well as marine transport and railroads. Products include gas turbines and generators, as well as reciprocating engines.

CAT’s energy segment has been discussed at length on this board, but it has never been the main impetus for CAT to receive a sell-side downgrade, as far as I know.