Caterpillar price target raised to $414 from $396 at Truist

Truist analyst Jamie Cook raised the firm’s price target on Caterpillar (CAT) to $414 from $396 and keeps a Buy rating on the shares. The company’s earnings and margins can prove more resilient this cycle and through-cycle margins can improve further from here, the analyst tells investors in a research note. Caterpillar should benefit from a more diversified earnings stream helped by secular tailwinds tied to growing demand for energy/power, record backlog, a growing aftermarket/parts stream and more disciplined capex from mining and oil and gas customers, the firm added.