Caterpillar

CAT · NYSE

$725.24−$0.55 (−0.08%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $725.79

CAT analyst rating

BuyConsensus of 19 analysts over the last 12 months. 63% rate it a buy.

Strong buy0
Buy12
Hold7
Underperform0
Sell0

12-month price target · 30 analysts

Average $971.33 (+33.9% upside)

Low: $580.75
Now: $725.24
High: $1,286.25

Upgrades and downgrades

The latest rating actions, newest first

CAT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Oppenheimer	Oct 14, 2026	Maintains	Outperform	$1,118.00 → $1,009.00	55%
Citigroup	Oct 12, 2026	Maintains	Buy	$1,100.00 → $950.00	61%
Truist Securities	Oct 5, 2026	Maintains	Buy	$1,225.00 → $1,100.00	59%
Freedom Broker	Sep 10, 2026	Upgrade	Hold → Buy	$980.00	66%
Evercore ISI Group	Aug 11, 2026	Maintains	Outperform	$1,103.00 → $1,045.00	64%
DA Davidson	Aug 6, 2026	Maintains	Neutral	$845.00 → $882.00	54%
Barclays	Aug 6, 2026	Maintains	Equal-Weight	$800.00 → $900.00	39%
UBS	Aug 5, 2026	Maintains	Neutral	$900.00 → $925.00	57%
Truist Securities	Aug 5, 2026	Maintains	Buy	$1,218.00 → $1,225.00	59%
RBC Capital	Aug 5, 2026	Maintains	Sector Perform	$877.00 → $897.00	55%

The case for and against

Updated Oct 14, 2026

Bull case

Caterpillar is supported by accelerating growth across all three segments, with 2025 revenues rising to near-record levels and backlogs up 92% year over year, signaling durable demand rather than a trough-driven rebound. Its positive outlook is reinforced by strength in Resource Industries, improving conditions in Heavy/Quarry, and exposure to large projects such as datacenters that account for 25% of revenues, while the company also expands customer reach through Major Projects JV and Compact initiatives. With a strong margin profile, a global footprint spanning about 190 countries, and Financial Products debt that is typically non-recourse or matched to inventory cash flows, the business appears fundamentally resilient and well positioned.

Bear case

Caterpillar is exposed to cyclical end markets such as construction, mining, rail, energy, quarry, and aggregate, where softer end-user sentiment, tighter credit, weaker backlogs, or lower commodity prices can quickly pressure revenue and earnings. Its heavy reliance on independent dealers adds execution risk because inventory stocking, parts availability, skilled labor, and access to credit are only partly within management’s control, while wholesale swings can obscure true demand. Competitive pressure, safety incidents, and any slowdown in energy transition or datacenter build-out could further limit growth, despite a strong dividend record and broad global reach across about 190 countries.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.