Caterpillar (CAT) PT Raised to $237 at JPMorgan as Texas Winter Storm Provides a Bump

February 25, 2021 6:33 AM EST
Get Alerts CAT Hot Sheet
Price: $231.58 -0.43%

Rating Summary:
    19 Buy, 18 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 21 | New: 24
Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

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."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities