BofA lowered the firm’s price target on Caterpillar (CAT) to $414 from $452 and keeps a Buy rating on the shares. While Caterpillar’s Q4 adjusted EPS of $5.14 came in better than the expected $5.05, underlying operating profit performance “underwhelmed” and the 2025 guidance implies the company’s “first down year of EPS since 2020,” the analyst tells investors. However, Caterpillar’s backlog rising in Q4 to about $30B, up $2.5B year-over-year, is “an impressive development amidst a gloomy macro and underscores a diversified portfolio,” the analyst added.
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