《大行報告》富瑞上調Caterpillar(CAT.US)目標價至300美元 評級「買入」
富瑞發表研究報告指,Caterpillar(CAT.US)經營業績好過預期,但受到一次性的商譽減值及業務重組費用等所拖累,每股盈利低於市場預期。
該行指出,Caterpillar的積壓訂單在過去兩個季度增加20億美元,反映出需求向好,認為隨著採礦、石油和天然氣以及非住宅建築等主要市場的資本開支得以釋放,公司業務有望迎來多年的增長機會,因此將Caterpillar納入到首選名單當中,預料今年提價能力正面,給予「買入」評級,目標價由285美元升至300美元。
富瑞又指,與許多設備製造商一樣,疫情期間Caterpillar專注於應對成本上升及重大供應鏈限制,產品價格及生產效率方面都為利潤空間帶來壓力,但現時情況已開始改善,積壓訂單價格水平提升,而且投入成本顯著下降,相信未來成本效益將顯現,今年亦將迎來供應鏈正常化,預測今年收入可達到635億美元,息稅前利潤率料達15%至18%,每股盈利預測為15.35至18.15美元。
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