JPMorgan raised the firm’s price target on Caterpillar (CAT) to $1,125 from $860 and keeps an Overweight rating on the shares following the “resounding” Q1 beat. Caterpillar’s earnings should more than double by 2030 and the stock’s “high-growth valuation here to stay” because its margin outlook remains conservative, the analyst tells investors in a research note.
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