🔴 Caterpillar is trading 4.35% down today amid Bernstein’s price-target cut

Caterpillar is trading at $716.89, down 4.35%, as a same-day report linked the decline to analyst target cuts.

• Bernstein cut its target to $749 from $1,002, citing concerns about bookings momentum and valuation.
• Hotter-than-expected September inflation raised rate-hike concerns and weighed on capital-intensive industrials.
• Caterpillar announced its leadership transition October 15, but available reporting does not establish it as a cause of the decline.