Caterpillar price target raised to $230 from $210 at BMO Capital

BMO Capital analyst Joel Tiss raised the firm’s price target on Caterpillar to $230 from $210 but keeps a Market Perform rating on the shares. The analyst cites the company’s "strong" underlying results in Q4 and believes that low inventory levels at its dealers, greater operating efficiencies, and share repurchases should help support earnings over the next couple of years. The firm adds however that greater volume upside for Caterpillar may get capped by lingering supply-chain constraints.