U.S. Markets open in 7 hrs 39 mins
  • S&P Futures

    3,857.25
    +9.00 (+0.23%)
     
  • Dow Futures

    31,081.00
    +68.00 (+0.22%)
     
  • Nasdaq Futures

    11,922.00
    +41.75 (+0.35%)
     
  • Russell 2000 Futures

    1,734.20
    +5.60 (+0.32%)
     
  • Crude Oil

    98.68
    +0.15 (+0.15%)
     
  • Gold

    1,745.00
    +8.50 (+0.49%)
     
  • Silver

    19.28
    +0.13 (+0.66%)
     
  • EUR/USD

    1.0212
    +0.0028 (+0.2757%)
     
  • 10-Yr Bond

    2.9130
    0.0000 (0.00%)
     
  • Vix

    26.82
    -0.72 (-2.61%)
     
  • GBP/USD

    1.1956
    +0.0035 (+0.2905%)
     
  • USD/JPY

    135.6930
    -0.2220 (-0.1633%)
     
  • BTC-USD

    20,374.82
    +291.11 (+1.45%)
     
  • CMC Crypto 200

    440.06
    +4.54 (+1.04%)
     
  • FTSE 100

    7,107.77
    +82.30 (+1.17%)
     
  • Nikkei 225

    26,462.63
    +354.98 (+1.36%)
     

Caterpillar Continues to See Strong Demand, Says Tigress Financial

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

By Sam Boughedda

Investing.com -- Caterpillar Inc's (NYSE:CAT) price target was raised to $282 from $278 by Tigress Financial Partners analyst Ivan Feinseth on Friday.

In a note to investors, the analyst reiterated a Buy rating on the stock, stating that the company "continues to see strong end-market demand driven by strong trends in capital equipment spending and announced a new $15 billion share repurchase at its Analyst Day."

"CAT is well-positioned to benefit from ongoing capital equipment spending driven primarily by expanding energy and mining market growth. CAT is benefiting from a strong global recovery, driving increases in commodity prices and construction demand," added Feinseth.

The company posted first-quarter earnings in late April, beating earnings and revenue estimates. Revenue rose 14% year-over-year to $13.6 billion, driven by higher sales volume and demand for equipment and services.

"CAT will continue to see strong demand for its mining equipment as global demand for copper and lithium increases, driven by the ongoing energy transition and the ramp-up of battery and hydrogen fuel cell production," the analyst wrote.

"Improvements in cash flow will enable CAT to continue to enhance shareholder returns through ongoing dividend increases and share repurchases. Our 12-month target price of $282 represents a potential total return with dividends of over 40% from current levels."

Caterpillar stock is down 5.3% Friday.

Related Articles

Caterpillar Continues to See Strong Demand, Says Tigress Financial

Germany and Italy approved Russian gas payments after nod from Brussels - sources

Computer chip giant ASML places big bets on a tiny future