US Top Rating Updates on 8/3: UBER, CAT, INCY, CF and more

Bernstein analyst Chad Dillard downgraded $Caterpillar(CAT.US)$ to Market Perform from Outperform with a $195 price target. "Several signs point to order growth markedly slowing" in the second half of 2022 then turning negative in 2023 and Caterpillar has become "too reliant in the current environment on pricing to drive growth," Dillard tells investors in a research note.

$Xylem(XYL.US)$ was upgraded at investment firm $Credit Suisse(CS.US)$ after the water technology company reported second-quarter results that topped estimates, with the firm noting it expects a "beat and raise" in the second half of the year.

Semiconductor maker $Semtech(SMTC.US)$ is acquiring $Sierra Wireless(SWIR.US)$ in all-cash transaction valuing the Canadian company at $1.2 billion including debt. Semtech said Tuesday that it's paying $31 a share for Sierra Wireless, a premium of about 25% to Friday's closing price before Bloomberg News reported the merger talks.