Upgrades: CAT, ROK, ZION Thursday, January 28, 11:56 AM ET
This morning, Wells Fargo upgraded shares of Caterpillar (NYSE:CAT) from Market Perform to Outperform as the firm believes that the heavy equipment manufacturer is being conservative with its 2010 earnings forecast. Analysts at Wells Fargo expect the company to realize better margins in 2010 as the economy recovers and have set a valuation range of $63 - $65 per share.
In morning trading, shares of Caterpillar were trading lower with the overall markets, down a little more than two percent so far.
Rockwell Automation (NYSE:ROK) garnered the attention of both Citigroup and Goldman Sachs today. Citigroup upgraded shares from Sell to Hold citing increased demand in the market while Goldman Sachs raised earnings estimates through 2012 citing stronger sales and margins. With the upgrades, Citigroup set a price target of $52 per share and Goldman Sachs set a price target of $58 per share.
Shares of Rockwell were trading marginally lower this morning, off about 0.3% despite the upgrade.
And Goldman Sachs upgraded shares of Zions Bancorp (NASDAQ:ZION) from Sell to Neutral. The firm believes the stock is relatively inexpensive at these prices despite the company's ongoing capital concerns.
Shares of Zions Bancorp received a boost on the upgrade as shares climbed by more than two percent this morning.
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