** Argus Research raises PT on heavy machinery maker Caterpillar CAT.N $820 from $625, maintains rating at "buy"

** New PT implies a 11.1% upside to stock's last close

** CAT rises more than 4% to about $774 in early trading

** Argus Research says CAT is benefiting from strong growth in the datacenter market, leading to increased demand for its power-generation products

** Expects non-datacenter construction picking up this year as the macro backdrop improves and dealers move to restock equipment

** 15 of 30 brokerages rate the stock "buy" or higher, 13 "hold" and 2 "sell"; median PT is $677 - data compiled by LSEG

** Including session's moves, shares up 35.1% YTD

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))