Bernstein SocGen Group Reiterates Market Perform Rating on Caterpillar (CAT)

Bernstein SocGen Group analyst Chad Dillard reiterated a Market Perform rating and $447.00 price target on Caterpillar (NYSE: CAT).

The analyst commented: "What happened? Today, Joule Capital Partners, a data center developer, and Caterpillar announced an agreement for CAT to supply 2.5MW G3520K generator sets for prime power at a 4GW data center that will be built in Utah starting in 2026. In addition to the generators, the energy solution includes 1.1 GW of battery storage, backup generators, controls, switchgear, inverters, and CCHP. Wheeler Machinery is the Caterpillar dealer that is handling this transaction.

(1) CAT is playing a bigger role in the prime power space, in addition to its historical leading role in backup generation. The importance of time to market and rising build costs of utility-scale power plants are pushing data center developers towards distributed generation. This is resulting in CAT encroaching on territory that would traditionally be the domain of GE Vernova, Siemens Energy and Mitsubishi Heavy."

For an analyst ratings summary and ratings history on Caterpillar click here. For more ratings news on Caterpillar click here.

Shares of Caterpillar closed at $417.12 yesterday.

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