BofA has raised its price target for Caterpillar Inc. (CAT) from $735 to $825, reiterating a Buy rating, due to broadening turbine demand beyond data centers. The firm noted “eyepopping growth” in Caterpillar’s power generation unit and an increase in oil and gas demand. Caterpillar is benefiting from AI growth, with its equipment used in data center construction and its Power & Energy segment providing essential turbines and engines.
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Caterpillar (CAT) Price Target Raised by BofA as Turbine Demand Broadens
BofA has raised its price target for Caterpillar Inc. (CAT) from $735 to $825, reiterating a Buy rating, due to broadening turbine demand beyond data centers. The firm noted “eyepopping growth” in Caterpillar’s power generation unit and an increase in oil and gas demand. Caterpillar is benefiting from AI growth, with its equipment used in data center construction and its Power & Energy segment providing essential turbines and engines.