Goldman report on 11/13/2007 when CAT closed day north of $71:
"We maintain our Neutral rating on CAT shares. We maintain our $82 12-month price target (14x 2008 PE).
CAT is at 12X P-E and 8.2X EV-EBITDA on our 2008 ests, discounts of 12% and 4% to its peer group vs. discounts of 5%/ 8% historically."
Outside the R hype, what fundamentals have changed? Did our company miss some large end-of-year orders? Do we own a sub-prime business that was discovered off the balance sheet? Commercial RE market booms along. China still digging ditches preparing for Olympic traffic. Let's see some hard news...not just talking head hype.