Construction and mining equipment maker Caterpillar Inc. (CAT) on Wednesday saw its price target boosted by analysts at Jefferies & Co.
The firm raised its target on CAT from $110 to $120, suggesting a 20% upside to the stock’s Tuesday closing price of $99.86. That change came after the company’s recent investor meeting in Texas.
Jefferies also maintained its “Buy” rating on CAT, noting positive market trends and the company’s positive recent guidance.
Caterpillar shares fell 63 cents, or -0.6%, in premarket trading Wednesday.
The Bottom Line
I have been recommending Caterpillar (CAT) as an aggressive dividend recommendation since Dec.7, when the stock was trading at $89.20. The company has a 1.76% dividend yield, based on last night’s closing stock price of $99.86.
Disclosure I am long CAT shares.
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