In a research report sent to investors today, Deutsche Bank analyst Vishal Shah reiterated a Buy rating on Caterpillar (NYSE:CAT) and reduced the price target to $95 (from $114), as the company reported a 20% decline in its fourth-quarter 2014 adjusted earnings to $1.35 per share due to a muted mining environment, and lower prices of oil and key mined commodities.

Shah observed, “Although investor expectations were low, the key question now is whether the new 2015 EPS guide marks the bottom or whether there are more shoes to drop. We believe the new guide appropriately reflects the macro/energy related risks in 2015 and while we acknowledge there are limited near term catalysts, with 2015 likely representing the earnings trough and given the relatively attractive dividend yield/buyback program, we maintain our Buy rating.”

Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide.