** Oppenheimer upgrades construction equipment manufacturer Caterpillar CAT.N to 'outperform' from 'perform', keeping the price target unchanged at $395
** Brokerage said, while the global macro outlook likely to remain near-term overhang, co's better-than-feared quarter highlighted relative resiliency of the demand and margin outlook
** Says co's upgrade driven by strength and diversity of the backlog growth and dampened cyclicality afforded by 40% of sales coming from services
** Shares are nearly 1% up at $312 premarket
** Co reported earnings on Wednesday
** 10 of 28 brokerages rate the stock "buy" or higher, 16 "hold" and 2 "sell" ; their median PT is $372
** As of last close, stock had fallen 14.8% YTD
(Reporting by Apratim Sarkar)
((Apratim.Sarkar@thomsonreuters.com))
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