Caterpillar (CAT) PT Raised to $434 at BofA Securities

BofA Securities analyst Michael Feniger raised the price target on Caterpillar (NYSE: CAT) to $434.00 (from $376.00) while maintaining a Buy rating.

The analyst comments "Last week, we attended the MINExpo event where we sensed positive (albeit, measured), vibes across our meetings with OEMs, dealers, & industry experts. We sense a healthy equilibrium across the ecosystem: mineral prices are not at record highs yet miners delivering FCF, limited greenfields yet brownfield expansions on track, OEM order books not on fire yet stable (dealers observing healthy rebuilds = high margin parts stream). What does this mean for CAT? Resource Industries (RI) segment likely range bound nearterm yet long-term earnings skewed to the upside underpins the next, higher EPS cycle."

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