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Morgan Stanley (NYSE: MS) upgraded its rating of Caterpillar Inc. (NYSE: CAT) from Underweight to Overweight and raised Caterpillar 's price target from $51 to $70.
"We are now more bullish than consensus on both the pace of cyclical acceleration and on CAT's ability to deliver on its structural transformation and, potentially, $8 to $10 in earnings," said analyst Robert Wertheimer.
It marked the first time in three years of coverage that Morgan Stanley has been positive about Caterpillar Inc.