BofA raised the firm’s price target on Caterpillar (CAT) to $452 from $434 and keeps a Buy rating on the shares. Machinery beats “are likely tough to come by in ’25” as there is a lack of tightness out there in equipment, commodities and end markets excluding data centers, the analyst tells investors in a 2025 preview note for the machinery, engineering and construction, and waste groups. However, BofA advises retaining some exposure as certain markets move back into balance, lead indicators “gradually perk up” and the story of 2025 ultimately shifts to “who can grow” in 2026.
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