UBS upgraded Caterpillar (CAT) to Neutral from Sell with a price target of $385, up from $355. After two consecutive quarterly EBIT misses, expectations for Caterpillar have reset lower, the analyst tells investors in a research note. The firm says that with a “reasonable” initial 2025 outlook, the stock’s risk/reward is now balanced. UBS views Caterpillar’s first half of 2025 as “largely derisked,” and sees potential for a return to double digit earnings growth in 2026.
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