2024-04-19 11:44:00 ET
With 61% gains racked up over the last 52 weeks, Caterpillar (NYSE: CAT) shares have outperformed the rest of the S&P 500 by a factor of nearly three -- and one analyst thinks this run's not done.
On Tuesday, JPMorgan 's Tami Zakaria set a $435 price target on Caterpillar stock, making her the second-most-optimistic analyst on Wall Street. ( Jefferies ' Stephen Volkmann, with a $440 target price, has the current Street-high target for Cat.) But what is it about Caterpillar, exactly, that has these analysts lining up to endorse this construction stock ?
It's not the economy. In fact, Zakaria writes in a note covered by TheFly.com that "construction data points are mixed." Then again, Caterpillar may not need to produce gee-whiz numbers to prove her right in rating the stock a buy.
For further details see:
Caterpillar Stock Has 22% Upside, According to 1 Wall Street Analyst