Bernstein raised the firm’s price target on Caterpillar (CAT) to $630 from $557 and keeps a Market Perform rating on the shares. Discussing the sector, the firm notes that fundamentally speaking, 2025 was challenging with street estimates falling 5%-10% and core end markets going through a classic cyclical downturn. 2026 should be a recovery year driven by monetary and fiscal policy alignment, which restart positive estimate revisions – low-/mid-single digit upside, Bernstein argues.
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