Caterpillar’s Biggest Bear Folds as AI Power Demand Soars
Caterpillar Inc. machinery for sale at a dealership in Poughkeepsie, New York.
Photographer: Angus Mordant/BloombergCaterpillar Inc.’s biggest Wall Street bear has thrown in the towel after watching the stock more than double on the back of surging demand for the company’s power generation equipment.
Morgan Stanley analyst Angel Castillo raised his recommendation on the heavy-machinery maker to equal weight from underweight and more than doubled the price target to $915. His prior $430 target had been the lowest in Bloomberg data.