Baird Upgrades Caterpillar (CAT) to Neutral

Baird analyst Mircea Dobre upgraded Caterpillar (NYSE: CAT) from Underperform to Neutral with a price target of $309.00 (from $300.00).

The analyst comments: "Upgrading to Neutral. The fundamental catalysts warranting a negative view (needed dealer destock, downward margin reset, RI/CI more than offsetting E&T/datacenter growth) are at this point baked into fundamentals and expectations. Going forward, we see some positive signs including better than expected dealer inventories, more resilient demand (admittedly, pre-tariff but still better than peers) and a prudent approach to price vs. cost management in dealing with tariffs. We would look to use any additional pressure from a macro/recessionary reset to get even more constructive on the stock."

For an analyst ratings summary and ratings history on Caterpillar click here. For more ratings news on Caterpillar click here.

Shares of Caterpillar closed at $309.27 yesterday.

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