BofA raised the firm’s price target on Caterpillar (CAT) to $594 from $517 and keeps a Buy rating on the shares. Channel checks offer “credibility” for Caterpillar as the turbine opportunity builds and Machinery negative revisions narrow in 2026. The firm updated estimates and is starting to see upside versus consensus in the out years, underpinned by power backlog, capacity additions, and pricing, the analyst tells investors. The firm believes a higher multiple is warranted as Power Generation underpins higher through cycle EPS power, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CAT:
- Caterpillar price target raised to $650 from $505 at JPMorgan
- Caterpillar price target raised to $502 from $447 at Bernstein
- M&A News: Caterpillar (CAT) to Buy RPMGlobal in a Daring Mining Tech Push
- Caterpillar price target raised to $506 from $450 at UBS
- Caterpillar’s Strong Market Position and Promising Outlook: A Buy Rating Driven by Solar Subsidiary’s Profitability and Strategic Advantages