Piper Jaffray analyst Alexander Potter reiterated an Overweight rating on Caterpillar (NYSE: CAT) and boosted his price target from $97 to $115 following Q1 results, with 2 of 3 segments solid and weak mining no longer mattering.

Potter comments, "We are reiterating our Overweight rating on CAT after the company posted strong Q1 results and increased 2014 guidance. Management remained cautious on the mining segment, but after having fallen steadily since 2012, this segment no longer matters as much to CAT's overall performance (mining-related business only represented 11% of profit in 1Q14). With mining out of the way, investors are now free to focus on CAT's Construction and Energy & Transportation segments - both of which are performing well. This is especially the case in Construction, where a 20% y/y sales increase and a 13.6% operating margin both easily outpaced expectations in Q1."

The firm raised FY 2014 EPS from $5.35 to $6.07 and FY 2015 EPS from $6.46 to $7.18.

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 $105.28 yesterday.