Baird raised the firm’s price target on Caterpillar (CAT) to $300 from $299 and keeps an Underperform rating on the shares. The company’s Q3 miss with the first year-over-year decline in operating income post-COVID, the analyst tells investors in a research note. The firm says Caterpillar’s pricing is losing momentum as price/cost support to margin is “rapidly fading” after record 2023 levels.
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