Caterpillar price target raised to $845 from $650 at DA Davidson

DA Davidson raised the firm’s price target on Caterpillar (CAT) to $845 from $650 and keeps a Neutral rating on the shares after its better-than-expected Q1 results. Most key numbers handily beat expectations and the management’s outlook was raised as Caterpillar is increasingly being driven by data center application, now targeting 3x growth in its large engine capacity by 2028, up from 2x prior, the analyst tells investors in a research note.