BofA raised the firm’s price target on Caterpillar (CAT) to $825 from $735 and keeps a Buy rating on the shares after having observed incremental data points that there is a “broadening out” of the company’s turbine demand beyond just data centers, which should ease fears of overcapacity. The “eyepopping growth” in Caterpillar’s power gen unit is clear, but investors are missing that oil and gas increased 24% year-over-year as well, the analyst added.
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