Caterpillar price target raised to $338 from $300 at TD Cowen

TD Cowen raised the firm’s price target on Caterpillar to $338 from $300 and keeps an Outperform rating on the shares. The firm said its target increase reflects their new 2024 EPS estimate and a one-point increase in the multiple to 15x to reflect what they see as the company’s structurally improved execution and reinforced confidence in the secular growth outlook from services, non-resi, power gen, and energy transition.