Caterpillar initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Caterpillar (CAT) with an Overweight rating and $675 price target The firm sees Caterpillar as well positioned to benefit from the construction machinery pricing cycle and rising data center specifications towards turbines. The company should benefit from hyperscalers diversifying their grid reliance to turbines, the analyst tells investors in a research note.