Morgan Stanley raised the firm’s price target on Caterpillar (CAT) to $395 from $380 and keeps an Underweight rating on the shares. Troughing US non-residential construction spending in 2026 “might only be good for some construction stocks,” contends the analyst, who would be buyers of Terex (TEX), sees “reasons to remain optimistic” on CRH Plc (CRH), Martin Marietta (MLM) and United Rentals (URI), and continues to expect shares of Caterpillar to underperform the group on the view that the stock is “already priced for perfection.”
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