By: Rob Wertheimer 

When should machinery investors start to look across the peak to the downside of cycles? Despite the obvious and varied melt-ups in our space, it is generally too soon
, and we are raising more ratings, targets and estimates through 2020 than lowering. CAT is still coming up off its all-time worst cycle, with most revenues still below normal trough in 2017. No other stock has quite that dynamic, but we do still see attractive upsides.

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