Bernstein analyst Chad Dillard raised the firm’s price target on Caterpillar (CAT) to $769 from $678 and keeps a Market Perform rating on the shares ahead of quarterly results. The firm notes most forward-looking indicators point to re-accelerating demand and consensus is well calibrated for a slow start to 2026. However, Bernstein acknowledges uncertainty towards the economic outlook and says it tactically prefers companies with high exposure to secular end markets that will deliver growth despite any cyclical growth concerns.
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