Caterpillar price target raised to $650 from $594 at BofA

BofA analyst Michael Feniger raised the firm’s price target on Caterpillar (CAT) to $650 from $594 and keeps a Buy rating on the shares. Q3 results provide a window that through cycle EPS power is trending higher than prior expectations and this is likely to be more evident next week at the company’s investor day, the analyst tells investors. The firm raised estimates following the “strong Q3,” the analyst noted.