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Here are the biggest calls on Wall Street on Thursday:
Wells Fargo downgraded Caterpillar and Deere to ‘market perform’ from ‘outperform’
Wells Fargo said in conversations with contacts the firm sees a “weakening” demand for new equipment, and “shrinking” manufacturer lead times.
“On a relatively lackluster Q3 19 construction dealer channel check feedback, we are downgrading CAT and DE to Market Perform from Outperform. This is mainly due to our perception that (1) US construction equipment demand is at or near peak and likely will decline during 2020 due to flattening activity and a shift to equipment rental from purchase and (2) other businesses within each…