{"id":3703,"date":"2016-05-31T15:46:26","date_gmt":"2016-05-31T15:46:26","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=3703"},"modified":"2016-05-31T15:46:26","modified_gmt":"2016-05-31T15:46:26","slug":"iti-meets-with-caterpillars-cfo-cautious-china-outlook-and-stepped-up-price-competition","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/iti-meets-with-caterpillars-cfo-cautious-china-outlook-and-stepped-up-price-competition\/","title":{"rendered":"Citi Meets With Caterpillar’s CFO: Cautious China Outlook And ‘Stepped Up’ Price Competition"},"content":{"rendered":"

Benzinga<\/a>\u00a0reports Citi’s Timothy Thein reiterated Caterpillar Inc.<\/b> ‘Neutral rating and $75.00 price target after meeting with the company’s CFO.<\/p>\n

After Caterpillar’s disappointing 1Q sales estimates, management believe A\/M volumes have stabilized, as there were “signs of increased quoting activity for rebuilds over the past few months.” Even as the yen was strengthening, Caterpillar’s dealer contracts “have noted a stepped-up level of price competition within the last ~6 months,” claimed the CFO.<\/p>\n

Related Link: Joy Global’s Negative Earnings Trend May Not Dictate Stock Movement<\/a><\/p>\n

Cautious China Outlook<\/h3>\n

Despite “firming” equipment utilization levels, Caterpillar remained cautious on the outlook for China construction markets.” This was similar to Komatsu’s CEO meeting two weeks ago, where a “downbeat view” for China was noted, “calling for 20\u201325 percent year-over-year unit drop for FY3\/17.”<\/p>\n

Additionally, rising steel prices have continued to rally, and Caterpillar “sees higher costs posing some risk to ’17 estimates” if the rally continues (of which Citi is skeptical).<\/p>\n

Due to the mixed outlook, the analyst stated there was “nothing in aggregate to change our estimates,” with “modest incremental pluses and minuses.”<\/p>\n

Andrew Efimoff<\/a> , Benzinga Staff Writer<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Benzinga\u00a0reports Citi’s Timothy Thein reiterated Caterpillar Inc. ‘Neutral rating and $75.00 price target after meeting with the company’s CFO. After Caterpillar’s disappointing 1Q sales estimates, management believe A\/M volumes have stabilized, as there were “signs of increased quoting activity for rebuilds over the past few months.” Even as the yen was strengthening, Caterpillar’s dealer contracts […]<\/p>\n","protected":false},"author":1,"featured_media":3704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[247],"yoast_head":"\nCiti Meets With Caterpillar's CFO: Cautious China Outlook And 'Stepped Up' Price Competition - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/iti-meets-with-caterpillars-cfo-cautious-china-outlook-and-stepped-up-price-competition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citi Meets With Caterpillar's CFO: Cautious China Outlook And 'Stepped Up' Price Competition - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Benzinga\u00a0reports Citi’s Timothy Thein reiterated Caterpillar Inc. ‘Neutral rating and $75.00 price target after meeting with the company’s CFO. 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