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Cowen, Evercore ISI See Huge Upside In This S&P 100 Constituent

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·1 min read
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  • Cowen analyst Matt Elkott initiated Caterpillar Inc. (NYSE: CAT) with an Outperform rating and a price target of 1, implying an upside of 24%.

  • The analyst projects the "first megacycle" for Caterpillar's financial performance in 14 years and only the second in its modern history. Elkott sees a $35 billion revenue opportunity from autonomy in the next decade.

  • At least 75% of Caterpillar's markets will seek improved or new power technologies, mentions Elkott. He's modeling revenue growth, gross and operating margin expansion, and earnings increases for three consecutive years.

  • Evercore ISI analyst David Raso lowered Caterpillar's price target to $257 from $291 (suggesting an upside of 32%) and maintained an Outperform rating on the shares.

  • Raso continues with his "estimate reduction parade as supply chain disruptions are winning the battle." He calls CNH Industrial NV (NYSE: CNHI) the "latest supply chain victim" after announcing last night that it will temporarily close several of its European ag, truck, and engine factories due to a shortage of core components, especially semiconductors.

  • Also Read: Morgan Stanley Lowers Price Target For Several Machinery Stocks.

  • Price Action: CAT shares are trading higher by 2.85% at $194.32, while CNHI is higher by 1.36% at $16.36 on the last check Thursday.

Latest Ratings for CAT

Oct 2021

Cowen & Co.

Initiates Coverage On

Outperform

Oct 2021

Morgan Stanley

Maintains

Underweight

Aug 2021

Tigress Financial

Reiterates

Buy

View More Analyst Ratings for CAT
View the Latest Analyst Ratings

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