Caterpillar, Inc. (NYSE:CAT) stock touched a new 52-week high point of $258.5 after analyst Michael Feniger from Bank of America (BofA) (NYSE:BAC) upgraded his rating from Hold to Buy on Caterpillar stock. He also increased his target price from $217 to $295, which implies a growth of 14% on the current price of $258.5.
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As a leading manufacturer of industrial equipment, Caterpillar is known for its innovative products and has around 160 dealers across the world.
The stock has been on an upward trajectory and has gained more than 50% in the last six months. The company’s performance in the last few quarters has impressed analysts as well as investors.
With huge demand and orders, the company has been able to increase its prices, which has benefited the top line. Feniger believes this will provide good support to the company, especially during times of higher costs. He is also highly positive about the company’s earnings in the fourth quarter and expects them to be “notably higher.”
The company is expected to report its Q4 earnings by the end of this month.
What is the Forecast for Caterpillar Stock?
Caterpillar’s stock has a Moderate Buy rating on TipRanks, based on eight Buy recommendations.
The CAT target price is $244.36, which is 5.18% lower than the current price level.
