Caterpillar, Deere Cut as Wells Fargo Sees 2020 Demand Drop
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Demand for construction equipment in the U.S. is near a peak and may decline in 2020, Wells Fargo analyst Andrew Casey wrote in a note to clients.
The analyst downgraded his ratings on Caterpillar Inc. and Deere & Co. to market perform from outperform, saying other businesses within each company’s portfolio will also remain flat, as a potential drop in demand will put pressure on earnings.