Monday, October 25, 2010

Demand for Caterpillar (NYSE:CAT) Products Look Good

Handily beating earnings estimates last quarter, Caterpillar (NYSE:CAT) has garnered some solid support for growth in the near term.

While maintaining a "Neutral" on the equipment maker, UBS (NYSE:UBS) raised their price target from $74 to $85, and their earnings estimate too.

"Given an improved demand outlook and demonstrated impact of cost takeouts, we are raising our 2011E EPS to $4.00, from $3.60, and raising our 2011E and 2012E to $5.70 and $7.50, from $4.50 and $6.00, respectively," said UBS.

Caterpillar said in a statement, "2010 is shaping up to be one of the most significant year-over-year increases in sales and revenues in our history."

More significantly, Caterpillar's guidance for sales in 2011, was strong, with revenue estimated to reach $50 billion for the full year. That's about a 20.5 percent boost from guidance last year.

Credit Suisse (NYSE:CS) said if margins increase by 20 percent or more incrementally, earnings per share for Caterpillar could reach $6 a share for the year.

Caterpillar closed Friday at $78.33, losing $0.56, or 0.71 percent.

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