Caterpillar price target raised to $396 from $389 at Truist

Truist raised the firm’s price target on Caterpillar (CAT) to $396 from $389 and keeps a Buy rating on the shares. The company’s Q1 earnings missed consensus, but the stock was supported by a better outlook, backlog, and margin performance across the portfolio, the analyst tells investors in a research note. Despite macro uncertainty, Caterpillar’s backlog increased 25.5% y/y and $5.0B sequentially to a record level of $35.0B driven by strength in orders across all segments although led by Energy & Transportation, the firm adds.