Oppenheimer raised the firm’s price target on Caterpillar to $700 from $645 (CAT) and keeps an Outperform rating on the shares. The firm notes that the run-up to Q4 2025 earnings season has seen a flurry of macro factors impacting stocks in its Industrial Efficiency coverage, including rate cut dynamics, the Venezuela-U.S. military confrontation, and the Nvidia (NVDA) Vera Rubin platform launch. Investor sentiment has improved materially for short-cycle and equipment-focused names, while cooling on data center-exposed stocks. Many industrial verticals have stabilized, and rate cuts, lapping tariff headwinds, OBBBA benefits, and additional prospective measures ahead of midterms could lend to broader recovery; some of this optimism arguably reflects in recent market moves, Oppenheimer adds.
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