Caterpillar price target raised to $495 from $460 at BofA

BofA analyst Michael Feniger raised the firm’s price target on Caterpillar (CAT) to $495 from $460 and keeps a Buy rating on the shares after the company reported what the firm describes as “a passable quarter.” While the FY25 guidance implies no upgrades to consensus this year, the firm sees an exit rate to this year that is positive with “peak pain absorbed” and all three segments shifting into “growth mode in 2026,” the analyst tells investors.