Caterpillar price target raised to $990 from $820 at Argus

Argus raised the firm’s price target on Caterpillar (CAT) to $990 from $820 and keeps a Buy rating on the shares. More recently, Caterpillar has seen success from strong data center growth that is increasing demand for its power generation products, including reciprocating engines, gas turbines, and solar microgrid systems, the analyst tells investors in a research note. Caterpillar has also seen strong growth in its oil & gas business, as well as its construction equipment used to build data centers, and the firm expects strong demand to continue in these growth areas in 2026 and the foreseeable future, Argus added.