BofA analyst Michael Feniger upgraded Caterpillar to Buy from Neutral with a price target of $295, up from $217. Rising prices versus costs can provide a tailwind that "provides cover in the near-term" at a time of heightened uncertainty, Feniger argues. He sees Caterpillar’s Q4 and Q1 results being "rather stable," while trough earnings should be "notably higher" this recession, the analyst added.
Published first on TheFly
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