Caterpillar price target raised to $275 from $273 at Stifel

Stifel analyst Stanley Elliott raised the firm’s price target on Caterpillar to $275 from $273 and keeps a Buy rating on the shares. Q1 results were above expectations, driven by strong pricing, volume and some dealer restocking benefits, says the analyst, who notes that shares were weaker following the report as Caterpillar highlighted expected destocking in certain product categories and implied orders fell about 8% year-over-year. However, the firm remains optimistic on the outlook given the "immense amount" of fiscal stimulus ramping over 2023 and into 2024, the analyst tells investors.