Eramet produces first lithium from Centenario plant in Argentina
Eramet becomes the first European company to produce lithium carbonate at an industrial scale.
Global securities and investment banking group Jefferies downgraded Caterpillar (NYSE:CAT) from a “buy” to a “hold” rating, with a price target of $85.00, in a report released on Wednesday.
The giant producer of construction and mining equipment saw its price target fall from $130.00 to $85.00, driven mainly by a drop in the construction markets outside of the USA, but the research analysts also took into account the weaker outlook for EAME, Latin America and mining worldwide.
It’s been a tough month for the machinery maker. In early July, Wells Fargo removed the company from its priority stock list, reiterating an “outperform” rating on shares of Caterpillar in a research note to investors.
Last Wednesday, analysts at Longbow Research downgraded shares of Caterpillar from a “buy” rating to a “neutral” rating in a note to investors. Separately, analysts at Credit Suisse cut their price target on shares of Caterpillar to $120.00 in a research note to investors on Friday, July 13th.
Caterpillar was also removed from the socially responsible share index, managed by US investment firm MSCI, early this month over Israeli use of Caterpillar made bulldozers for demolition in Palestine.
MSCI’s decision spurred TIAA-CREF, a US mutual fund giant, to withdraw $72 million in Caterpillar shares from its “Social Choice” Fund, which tracks one of MSCI’s indexes.
The earth-moving equipment maker was not the only one affected by Jefferies & Co report. The firm also cut its ratings and targets on a number of U.S. machinery companies, including Eaton Corp, CNH Global, Kennametal, Parker Hannifin and Titan International.
8 Comments
Srp Varma
IT’S SO BAD FOR CONSTRUCTION &MINING INDUSTRY
Abkrichard
could this mean the world does turn to favour others too? the only known earth mover masters
RickyR
You mean these great forward looking investment & rating entities wait for the stock to drop from $130 to 85 to de-rate?! Not too obvious.
Robbirohan
wow, big fall
Dan Coll
Meanwhile, on behalf of all who had their livelihood raped at EMD, delight. Absolute delight. Roll on the new ‘Gleen’ machine
Pjgrimshaw
SUCH A PITY THAT EVERYTHING COMES DOWN TO BEING ABOUT SHARE VALUES. REMEMBER WHEN O.E.M.’S WERE BUILT AROUND REAL PEOPLE WHO TOOK PRIDE IN GETTING THE JOB DONE? NOT PANDERING TO SHAREHOLDERS.
P. F.
Nothing new, in fact old news. construction down, mining down, all for a while.
catman
We need a New President, we were promised change? This is it? The change is reckless spending. Don’t we all wish we could pay our bills like the government does when we don’t have the money? Little to Nothing is being done with the billions of tax dollars that have been collect when we all fill our tanks with imported oil to fix the roads and infrastructures of this country that are falling apart. While other countries are becoming more self sufficient, our dear president does not want us to drill in the gulf and other places. More change will be coming if we don’t change him. Caterpillar will be just one of names that will be a forgotten for our generations to come.