Piper Jaffray reported on Friday that they have upgraded construction and mining equipment manufacturer, Caterpillar Inc.(CAT).
The firm has increased their rating on CAT from “Neutral” to “Overweight,” and has given the company a $113 price target. This price target suggests a 14.5% increase from the stock’s current price of $96.51.
Analysts have upgraded the company based on an improved outlook in mining in the China region.
Caterpillar shares were up 92 cents, or 0.96% during premarket trading Friday. The stock has declined -6.6% in the past year.
The Bottom Line
Shares of Caterpillar (CAT) have a 2.17% dividend yield, based on last night’s closing stock price of $95.70. The stock has technical support in the $85-$90 price area. If the shares can firm up, we see overhead resistance around the $100-$101 price levels.
Caterpillar Inc.(CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.