-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： 在卡特彼勒(CAT)发布第一季度财报之前，我们维持其12个月目标价700美元不变，但由于估值和利润率风险，将股票评级从“持有”下调至“卖出”。我们的目标价基于2027年每股收益预期27.57美元（此前预期为27.46美元；2026年每股收益预期从23.43美元上调至22.61美元），较卡特彼勒的历史预期市盈率溢价合理，因为目前对发电机的需求空前高涨。尽管强劲的发电机需求以及建筑/采矿设备的安全储备活动令人鼓舞，但鉴于修订后的232条款关税规定，关税将按产品的全部海关价值而非仅按金属投入品的价值征收（该规定已于2026年4月6日生效），我们预计关税影响在2026年可能对盈利能力构成更大的威胁。鉴于卡特彼勒复杂且高度分散的全球供应链网络，该公司极易受到全面贸易保护主义措施的影响。我们认为该股存在下行风险，因为过去一年超过160%的回报率意味着更高的预期。
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