Caterpillar price target raised to $485 from $425 at Barclays

Barclays analyst Adam Seiden raised the firm’s price target on Caterpillar (CAT) to $485 from $425 and keeps an Equal Weight rating on the shares as part of a Q3 preview for the machinery and construction group. Inventories are improving across machinery, most notably in agriculture, the analyst tells investors in a research note. The firm sees an opportunity in some of the group’s relative laggards due to lower expectations.