Caterpillar price target raised to $435 from $385 at JPMorgan

JPMorgan raised the firm’s price target on Caterpillar to $435 from $385 and keeps an Overweight rating on the shares ahead of the Q1 report. Construction data points are mixed, but demand commentary from manufacturers is generally optimistic, the analyst tells investors in a research note. The firm expects Caterpillar’s multiple re-rating to continue on the back of resilient margin performance this year and expectations of earnings growth acceleration in 2025.