Tiger Brokers

BUZZ-D.A. Davidson lifts Caterpillar's PT on strong Q3 earnings

Reuters
Nov 03
BUZZ-D.A. Davidson lifts Caterpillar's PT on strong Q3 earnings

** D.A. Davidson hikes PT on heavy machinery maker Caterpillar CAT.N to $569 from $408, maintains rating at "neutral"

** New PT shows a downside of 1.4% from the stock's last close

** Brokerage says co has gained market share recently, aided by strong products and pricing, with long-term revenue seen from parts and services despite low initial pricing

** D.A. Davidson says since CAT expects dealer rental fleet loadings to pick up in Q4 after a soft Q3, it can be seen as a sign of dealer confidence, with year-end new-equipment inventory expected to be clean

** Co beat Q3 estimates, driven by strong demand for energy equipment linked to the AI boom

** Average of 28 brokerages rate the stock "hold"; their median PT is $556 - data compiled by LSEG

** Stock up 59.1% YTD, as of last close

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))

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