Several high profile downgrades came across the wires this morning. Most notably were Caterpillar and John Deere catching multiple hits from major firms. Caterpillar was cut to neutral at Bank of America / Merrill Lynch, but note that the price target was raised from $85 to $89 (still a 13% gain from yesterday's close). John Deere was cut at both JP Morgan and Wells Fargo. Wells Fargo does not provide a price target, but JPM also raised their target on the stock.
Given that CAT was up 20% in September and DE gained 10% for the month it might be wise to take some profits. Regardless of the ratings changes, Wall Street analysts clearly don't expect that these stocks have topped out just yet.