Not the End of The Cycle but We Remain Neutral
CAT shares have been under pressure during a volatile reporting season, as has been the case for many peers, compounded by management commentary around Q118 EPS being peak for the year. We view the sell-off as overdone and would expect the shares to bounce back, although see larger upside potential elsewhere within our coverage. Hence, we remain Neutral.Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company segments include: Construction Industries, which supports customers using machinery in infrastructure, forestry and building construction; Resource Industries, which supports customers using machinery in mining, heavy construction, quarry and aggregates, waste and material handling applications; Energy and Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat? machines; and Financial Products, which provides financing and related services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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