CAT - 1 Analyst Thinks Caterpillar Stock Is Going to $345. Is It a Buy?
2024-05-09 14:33:00 ET
Caterpillar (NYSE: CAT) stock received an upgrade recently. A Tigress Financial analyst upgraded their price target to $345 from $295 while retaining a buy rating on the stock. While the new price target is pretty much where the stock is trading now, the price target upgrade and positive rating affirm the bullish case for the stock.
Caterpillar is a cyclical stock that divides investors. The bears emphasize that management's guidance implies the company may have hit a cyclical peak because its 2024 guidance is for sales at a similar level to 2023.
On the other hand, the bulls, including the Tigress Financial analyst, stress the company's potential to benefit from end-market trends that have room to run. In other words, the company's revenue could surprise on the upside, and that usually means margin expansion.
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1 Analyst Thinks Caterpillar Stock Is Going to $345. Is It a Buy?