Caterpillar price target raised to $363 from $319 at BofA

BofA analyst Michael Feniger raised the firm’s price target on Caterpillar to $363 from $319, noting that shares broke out to new highs on the back of a “solid” Q4 and guiding to a flat 2024 outlook. Caterpillar has proved its EPS resiliency, but upside requires green shoots to indicate if EPS grows in 2025-26, the analyst tells investors, adding that Caterpillar raising its long-term margin and FCF targets warrants a higher multiple.