Data center demand drives Caterpillar engine lead times, says Raymond James

Caterpillar (CAT) engine lead times continue to lengthen, by roughly 20 weeks since mid-September, driven by surging data center power demand, with some high-speed gas engines now approaching 107-week waits, Raymond James tells investors in a research note. Growing project scale and global data center investment, including significant pipelines in Canada, are reinforcing strong order momentum across Caterpillar and its dealer network, the firm says. Raymond James has a Market Perform rating on the shares.