Caterpillar price target raised to $658 from $587 at RBC Capital

RBC Capital raised the firm’s price target on Caterpillar (CAT) to $658 from $587 and keeps a Sector Perform rating on the shares. The company reported Q4 results ahead of consensus estimates across the board and introduced 2026 guidance that was largely in line with Street estimates, the analyst tells investors in a research note. Power generation continues to be the standout, though demand was broad-based across the business and the company’s backlog sits at a new record $51B, the firm added.