HSBC last night upgraded Caterpillar (CAT) to Buy from Hold with a price target of $660, up from $405. The company’s Q3 results results beat on a volume increase and its order growth accelerated to 25% year-over-year on strong power generation, the analyst tells investors in a research note. The firm says Caterpillar’s stronger power generation orders, its turbines expanding into data centers, and the announced capacity investment plans warrant an upgrade of the shares. HSBC now sees higher growth potential with a strong backlog for Caterpillar.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CAT:
- Caterpillar upgraded to Buy from Hold at HSBC
- Caterpillar: Balancing Growth Opportunities and Execution Risks with a Hold Rating
- Caterpillar: Sell Rating Reiterated Amid Overvaluation and Earnings Risks
- Caterpillar price target raised to $581 from $506 at UBS
- 3 ETFs Recommended By AI Analyst to Buy Now, 11/03/2025