Caterpillar price target raised to $817 from $729 at Oppenheimer

Oppenheimer raised the firm’s price target on Caterpillar (CAT) to $817 from $729 and keeps an Outperform rating on the shares. While recent geopolitical volatility has provided some relief on Caterpillar’s valuation, the firm believes investors are keenly focused on what’s next for Caterpillar beyond cycle dynamics that will enable to sustain a durable multiple re-rating. Oppenheimer came away from its ConExpo-hosted dinner with Chief Digital Officer Ogi Redzic incrementally bullish on the long-term earnings outlook and repositioning of Caterpillar as both enabler and leader in physical AI.