Caterpillar price target raised to $287 from $259 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Caterpillar to $287 from $259 and keeps a Hold rating on the shares. The company’s Q4 earnings beat was low quality, but the market focused more on better-than- expected dealer inventory and backlog metrics, the analyst tells investors in a research note. A larger-than-expected dealer inventory reduction, which was down $0.9B from Q3, is putting Caterpillar in a better position for 2024 production, the firm added.