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.
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