Caterpillar (CAT) PT Raised to $237 at JPMorgan as Texas Winter Storm Provides a Bump
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JPMorgan analyst Ann Duignan raised the price target on Caterpillar (NYSE: CAT) to $237.00 (from $205.00) on improving equipment fundamentals, particularly in construction, mining and energy end markets.
The analyst reiterated the Overweight rating, stating "We view the unprecedented winter storm in Texas as a catalyst for near-term construction and back-up power equipment demand (rental initially, equipment sales thereafter) while also strengthening bipartisan support for a broad-based infrastructure package. Additionally, US oil/gas production is likely to accelerate, albeit off a relatively low base. Separately, we believe mining capex is entering a sustained, demand-driven upcycle as hard commodity prices continue to rally and
equipment replacement is likely to continue to accelerate."
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