Caterpillar price target raised to $430 from $425 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Caterpillar (CAT) to $430 from $425 and keeps an Underweight rating on the shares. In machinery and construction, the firm prefers “idiosyncratic stories where we see opportunity for improving sentiment in spite of macro risk to earnings” heading into “an otherwise low conviction” Q1 reporting period, the analyst tells investors in a preview for the group.