Caterpillar: Balancing Growth Opportunities and Execution Risks with a Hold RatingWe maintain our 2025 CAT Close Price (USD) 547.58 Price Target (USD) 557.00 596.21/267.30 SPX 6,771.55 FYE Cap (USD) (M) 256,256 EV (USD) (M) 258,401 Performance YTD 1M 6M 12M Absolute (%) 50.9 10.0 69.2 45.4 SPX (%) 15.1 0.8 19.1 18.5 Relative (%) 35.8 9.2 50.1 26.9 Source: Bloomberg, Bernstein estimates and analysis. 7500 CAT SPX of this report for required disclosures, analyst certifications and other important information. Alternatively, visit our Global Research Disclosure Website.