Caterpillar Inc (NYSE:CAT) shares are retreating Wednesday after Baird stripped the heavy equipment maker of its bullish rating and delivered an aggressive price target reduction.
Caterpillar shares are sliding.
Why is CAT stock falling?
Baird Downgrades Caterpillar Citing Shifting Ground in Data Center Construction Baird analyst Mircea Dobre stepped back from his bullish position on Caterpillar Tuesday, moving his rating to Neutral from Outperform and trimming his price objective to $900 from $1,200, a reduction of 25% that leaves about 7% of implied upside on the table at current prices.
Growing Regulatory Pressure on Data Centers Threatens Order Pipeline The immediate catalyst for the reassessment is a broadening campaign of regulatory intervention at the state and local level directed specifically at data center development.
