Caterpillar Upgraded; Bernstein Sees Machinery Cycle Progressing in ’22

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The Street

By Rob Lenihan Caterpillar shares rise as Bernstein upgrades the company to outperform. Caterpillar (CAT) – Get Caterpillar Inc. Report climbed on Wednesday after Bernstein analysts upgraded the industrial equipment maker to outperform from market perform. Shares of the Deerfield, Ill., company at last check rose 1.4% to $201. Bernstein analyst Chad Dillard, who has a $240 price target on the stock, said concern about the end of the machinery cycle in 2022 was overdone, according to the Fly. He added that expectations for Caterpillar were “low” and that it was an earlier-cycle stock in a mid-c…

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