Caterpillar's Q3 Strength, Record Backlog Signal Growth Momentum, BofA Says
MT Newswires Live
Oct 30
Caterpillar (CAT) delivered better-than-expected Q3 results, supported by stronger retail sales and a record $39.8 billion backlog, BofA said Thursday in a report.
The firm said sales in power generation rose 31% year over year and oil and gas sales increased 20%, indicating strength across key end markets.
BofA raised its revenue and earnings estimates as the company enters its next growth phase.
The report said investors should watch for updates on capacity, pricing, and product mix at Caterpillar's upcoming Investor Day.
BofA reiterated its buy rating on Caterpillar and lifted its price target to $650 from $594.
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