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Caterpillar Upgraded to “Buy” at Goldman Sachs; Sees 17% Upside (CAT)

Construction and mining equipment market Caterpillar Inc. (CAT) on Monday caught a big upgrade from analysts at Goldman Sachs.

The firm said it boosted its rating on CAT from “Neutral” to “Buy” with a $98 price target, which suggests a nearly 17% upside to the stock’s Friday closing price of $84.09.

Goldman noted CAT has an attractive valuation and is poised to outperform in coming quarters, given its exposure to the mining, oil, and gas business.

Caterpillar shares rose 82 cents, or +1%, in premarket trading Monday.

The Bottom Line
Shares of Caterpillar (CAT) have a 2.19% dividend yield, based on Friday’s closing stock price of $84.09. The stock has technical support in the $75-$80 price area. If the shares can firm up, we see overhead resistance around the $90 price level.

Caterpillar Inc. (CAT) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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