Caterpillar downgraded at Morgan Stanley on concerns about valuation

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A tractor ready to move dirt and excavate on a hilltop new construction site overlooking the city of Spokane, Washington, USA near sunset.

Caterpillar (NYSE:CAT) was hit with a downgrade from Morgan Stanley on Thursday, as analyst Angel Castillo lowered the stock to Underweight from a previous investment rating of Equal-weight, warning that the stock is “priced for perfection” amid deteriorating pricing trends and margin pressures.

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Caterpillar downgraded at Morgan Stanley on concerns about valuation

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