Caterpillar price target raised to $455 from $430 at Jefferies

Jefferies raised the firm’s price target on Caterpillar to $455 from $430 and keeps a Buy rating on the shares. Caterpillar is highly levered to commodities, both in terms of its relative stock performance and its fundamental business drivers, and two of three segments, Mining and Energy, remain close to trough levels, the analyst tells investors. Looking at pent-up demand, mining industry capex forecasts and growth themes in mining to support the global energy transition, the firm argues that the next mining cycle could double Caterpillar’s Resource Industries revenue and add $5-$7 in EPS.