Bernstein Maintains Market Perform Rating on Caterpillar (CAT) as Orders Continue to Climb
Caterpillar Inc. (NYSE: CAT) ranks among the Stocks in Bill Gates’ Portfolio That Analysts Are Watching. Bernstein SocGen Group maintained a Market Perform rating on Caterpillar Inc. (NYSE: CAT) and raised its price target from $502 to $557 on October 30. The increase follows the company’s third-quarter performance, which showed gains in backlog and orders, primarily driven by growth in the power generation division.
The company’s backlog jumped $2.4 billion to $39.9 billion, leading to orders of $19.1 billion, a 5% quarter-over-quarter increase. The Energy and Transportation segment also performed well, with revenues of $8.397 billion, up 17% from $7.187 billion the year before. This expansion was fueled by increasing sales volume in various sectors, including power generation.
Despite this, the tariffs resulted in negative impacts of nearly $600 million in the third quarter, extending the full-year impact by $25 million to $1.675 billion.
Caterpillar Inc. (NYSE: CAT) is a leading global producer of heavy machinery, manufacturing equipment used in construction and mining, as well as diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
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Disclosure: None. This article was originally published on Initiated Monkey.
