Caterpillar stock heads for fourth straight record close after BofA's Feniger becomes the top Wall Street bull after rating upgrade.
Shares of Caterpillar Inc. climbed Friday toward a fourth straight record close, after BofA Securities analyst Michael Feniger turned bullish on the belief that the construction- and mining-equipment maker will weather a 2023 recession better than many might expect.
Feniger raised his rating to buy from neutral. He boosted his price target on the stock CAT by 36%, to $295 from $217, with the new target implying about 15% upside from current levels. The stock tacked on 0.6% in afternoon trading. The stock has logged a record close the previous three sessions, and for four of the previous five sessions. It has gained 7.1% this year after rising 15.9% last year, while the Dow Jones Industrial Average DJIA fell 8.8% in 2022.
“At a time of heightened macro uncertainty and investor expectations of a volatile earnings season, we do not see a risk of significant earnings deterioration for CAT over the next 3-6 months,” Feniger wrote. “CAT’s strong backlog, seasonality & rising price vs cost tailwind is likely to help offset headwinds.”
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