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Investing.com - BofA Securities raised its price target on Caterpillar (NYSE:CAT) to $650 from $594 on Thursday, while maintaining a Buy rating on the heavy equipment manufacturer’s stock.
The price target increase follows Caterpillar shares climbing 12% against a flat S&P 500 after the company reported better-than-expected quarterly results, with earnings of $4.95 per share versus consensus estimates of $4.51.
BofA noted that retail sales showed positive inflection in the third quarter, rising 12% compared to 3% growth in both the first and second quarters, driven by power generation, oil and gas, and construction sectors.
The analyst highlighted that Caterpillar’s backlog increased again to a record $39.8 billion, strengthening the company’s forward-looking position.
BofA also pointed to improving pricing trends, with Construction Industries pricing declining 4% in the third quarter compared to a 7% drop in the second quarter, with expectations for flat pricing in the fourth quarter.
In other recent news, Caterpillar Inc. reported impressive financial results for the third quarter of 2025, exceeding both earnings and revenue expectations. The company’s adjusted earnings per share (EPS) were $4.95, surpassing the anticipated $4.55. Additionally, Caterpillar achieved record revenue of $17.64 billion, which was above the forecasted $16.76 billion. These results highlight the company’s strong performance and have been met with positive reception from investors. Despite the robust financial outcomes, no new mergers or acquisitions were announced in this period. Analyst opinions, such as those from notable firms, have not yet been detailed in the recent updates. Investors and stakeholders are closely monitoring these developments, given the company’s significant financial achievements.
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