JPMorgan raised the firm’s price target on Caterpillar to $385 from $345 and keeps an Overweight rating on the shares post the Q4 report. The analyst says 2024 will likely be the “trough” before earnings growth reaccelerates in 2025. The firm believes Caterpillar’s 2024 sales guidance of similar to 2023 has upside, given management spoke of positive pricing in 2024.
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