Why Caterpillar Stock Crawled Higher on Thursday
As nearly any investor can attest, one trading day can mean quite a difference for a stock.So it was with industrial vehicle maker Caterpillar (NYSE: CAT) on Thursday; after being sold off following disappointing quarterly earnings posted the day before, the stock staged a mini-rally to close almost 2% higher. This was thanks to a pair of post-earnings analyst recommendation upgrades, which brought a fresh wave of optimism to the stock. Of the two, the more bullish was the upgrade enacted by Oppenheimer pundit Noah Kaye. In his view, Caterpillar now rates an outperform (buy, in other words), up from his previous tag of perform (hold). Kaye's price target is $395 per share, anticipating considerable upside of nearly 26% on the stock's most recent closing level. Continue reading
As nearly any investor can attest, one trading day can mean quite a difference for a stock.
So it was with industrial vehicle maker Caterpillar (NYSE: CAT) on Thursday; after being sold off following disappointing quarterly earnings posted the day before, the stock staged a mini-rally to close almost 2% higher. This was thanks to a pair of post-earnings analyst recommendation upgrades, which brought a fresh wave of optimism to the stock.
Of the two, the more bullish was the upgrade enacted by Oppenheimer pundit Noah Kaye. In his view, Caterpillar now rates an outperform (buy, in other words), up from his previous tag of perform (hold). Kaye's price target is $395 per share, anticipating considerable upside of nearly 26% on the stock's most recent closing level.
