Argus raised the firm’s price target on Caterpillar to $380 from $360 and keeps a Buy rating on the shares after its Q1 earnings beat. Despite a sell-off related to slow top-line growth, the firm is impressed with the company’s margin improvement in recent quarters and expects the management to remain committed to its goals, 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, Argus added.
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Read More on CAT:
- Caterpillar price target raised to $340 from $338 at TD Cowen
- Caterpillar downgraded to Hold from Buy at Stifel
- CAT Earnings: Caterpillar Drops After Q1 Revenues Fall Short of Estimates
- Caterpillar backs FY24 revenue view broadly similar to FY23, consensus $67.48B
- Caterpillar sees Q2 sales lower than 2Q23, consensus $17.23B
