Morgan Stanley analyst Angel Castillo raised the firm’s price target on Caterpillar (CAT) to $380 from $350 and keeps an Underweight rating on the shares. Caterpillar reported “strong” Q3 results on better-than-expected volumes, but the firm remains skeptical the strength will persist into 2026 as it argues that “fundamentals remain mixed at best.” The firm’s sum-of-the-parts analysis suggests the market is now discounting a higher multiple on Caterpillar’s Power Gen business than GE Vernova (GEV) or Nvidia (NVDA), the analyst added.
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