Caterpillar price target raised to $690 from $670 at Citi

Citi raised the firm’s price target on Caterpillar (CAT) to $690 from $670 and keeps a Buy rating on the shares. The firm updated models in the machinery group as part of its 2026 outlook. Citi sees value in the space and has the most conviction in construction and mining growth entering next year. The agriculture and truck markets could remain challenged in the near-term, the analyst tells investors in a research note.