Caterpillar price target raised to $399 from $390 at Truist

Truist analyst Jamie Cook raised the firm’s price target on Caterpillar to $399 from $390 and keeps a Buy rating on the shares. The firm cites the company’s Q2 beat on earnings and margins, also noting that while the bear case was based on the view that construction is rolling over and poses a risk to earnings, the quarter demonstrated that Caterpillar’s construction margins are proving more resilient, the analyst tells investors in a research note.