Construction-focused companies Caterpillar Inc. (NYSE: CAT) and United Rentals, Inc. (NYSE: URI) have some of the highest exposure rates to U.S. non-residential construction, which is likely to enter a multi-year downturn cycle due to the coronavirus, according to Morgan Stanley.The Analyst Courtney Yakavonis downgraded Caterpillar's stock rating from Equal-Weight to Underweight with a price target lowered from $107 to $93.The analyst also downgraded United Rentals from Overweight to Equal-Weight with a price target lowered from $154 to $110.The Thesis The U.S. non-residential construction cycle is likely to be more protracted than previously expected, driven by declines across Commercial, Office, Amusement/Recreation and Lodging construction in addition to state and local budget cuts, Yakavonis wrote in the notes. United Rentals' exposure to the segment stands at 44% while Caterpillar's exposure is at 22%.Yakavonis said Public and Private non-residential construction spends are likely to fall 10% year-over-year in 2020 and another 7% in 2021....
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