Caterpillar (CAT) Price Target Raised by BofA as Turbine Demand Broadens

BofA has raised its price target for Caterpillar Inc. (CAT) to $825 from $735, reiterating a Buy rating. The increase is driven by expanding turbine demand beyond data centers, significant growth in Caterpillar’s power generation unit, and rising oil and gas demand. The company also reported record revenue of $67.6 billion, with strong performance in its Power & Energy segment, and a record backlog of $51.2 billion, despite a decline in full-year EPS due to higher incremental costs.

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