Jefferies raised the firm’s price target on Caterpillar (CAT) to $750 from $700 and keeps a Buy rating on the shares. The setup for Q4 earnings “feels in line to potentially conservative,” contends the analyst, who cites sustained volume and margin improvement in both segments for the firm’s raised target. The firm believes Caterpillar’s powergen story is “now well appreciated,” but that acceleration in other businesses can still drive the shares higher, the analyst added.
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