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
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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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