UBS lowered its price target for Caterpillar Inc. (NYSE:CAT) to $104 from $125 today and maintained its neutral rating on the stock. The bank cited recent Chinese data that suggest a pullback in that market, as Chinese construction equipment sales declined sharply in April. Excavator sales fell 38.8% sequentially, though up 21% year-over-year, while loader sales decline 28.7% sequentially. Bulldozers and road rollers also experienced large sequential declines. Shares of Caterpillar are trading up 1.79% at $97.15. Caterpillar has a potential upside of 38.5% based on a current price of $97.15 and an average consensus analyst price target of $134.53.
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Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...