Caterpillar price target raised to $360 from $275 at Argus

Argus raised the firm’s price target on Caterpillar to $360 from $275 and keeps a Buy rating on the shares after its Q4 earnings beat. In the current era of high inflation and slow economic growth, companies with strong balance sheets and experienced management teams such as Caterpillar are in the best position to survive and thrive, the analyst tells investors in a research note. Caterpillar shares deserve a premium multiple in light of the company’s long-term performance versus the broad market and the Industrial sector, the firm added.