Bernstein raised the firm’s price target on Caterpillar (CAT) to $557 from $502 and keeps a Market Perform rating on the shares. The firm notes the company finished up 12% after reporting Q3, with backlog/order improvement driven by secular Power Gen growth, and an accelerating exit rate for the remainder of the business. Street numbers are moving higher and management is hosting its Investor Day next week amidst soaring confidence, Bernstein adds.
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