Truist initiated coverage of Caterpillar with a Buy rating and $390 price target. The analyst believes Caterpillar stands to be one of the bigger beneficiaries of stimulus associated with infrastructure and energy transition, with each of its major business line benefitting. The firm sees 2025 as a “year of earnings acceleration and broad-based growth” for Caterpillar products and as channel inventories are right-sized. It says the market underappreciates the company’s earnings power.
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