Issue Date: November 6, 2009, Posted On: 11/3/2009
Caterpillar says it will raise prices in 2010
BOSTON — Caterpillar Inc,
the world’s largest maker of earth moving equipment, said recently it
plans to raise prices on most of its machinery up to 2 percent next
year.
The U.S. manufacturer said in a filing with the Securities and
Exchange Commission the increase would reflect “current industry
factors and current and expected general economic conditions.”
Separately, Morgan Stanley raised its target price on the
Peoria, IL based company’s shares, which it rates “underweight,” to $44
from $34, saying it now expects machinery sales to rise 2 percent next
year. Previously it had forecast a 4 percent decline.
Caterpillar shares were up 3 percent at $50.25 on the New York
Stock Exchange in early trading. So far this year they are up 9
percent, outpacing the 8 percent rise of the Dow Jones industrial
average.