Caterpillar price target raised to $650 from $505 at JPMorgan

JPMorgan analyst Tami Zakaria raised the firm’s price target on Caterpillar (CAT) to $650 from $505 and keeps an Overweight rating on the shares. The firm adjusted targets in the machinery and waste services group ahead of the Q3 reports. The sector has historically underperformed in the three months after the first Federal Reserve rate cut and another escalation of tariffs on Chinese goods should impact Q4 earnings for most companies, the analyst tells investors in a research note. JPMorgan established December 2026 price targets versus December 2025 previously.