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July 24, 2014
07:53 EDTCATCaterpillar down 1.3% after Q2 earnings, guidance revision
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December 1, 2015
12:28 EDTCATOn The Fly: Top stock stories at midday
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.

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