UPDATE: BMO Capital Markets Upgrades Caterpillar to Outperform on Long-Term Upside

BMO Capital Markets upgraded Caterpillar (NYSE: CAT) from Market Perform to Outperform and raised the price target from $83.00 to $130.00.

BMO Capital Markets commented, "We are raising our rating on CAT to Outperform from Market Perform because we believe promising global developments, strong global liquidity, increased investor optimism, well-defined headwinds, the desire by global PMs to build exposure to pent-up demand in construction end markets, and efforts by Caterpillar to improve EPS could all drive the stock to higher levels."

Caterpillar closed at $97.45 on Monday.

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