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“Investors likely will never see a chance to buy CAT revenues with as much upside as in 2017,” analyst Robert Wertheimer wrote in a note.
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Though investors may get a chance to buy Caterpillar in 2018 with even more depressed revenues, the analyst expects the company will likely end 2018 on consensus expectations, with the worst trend in its history.
Wertheimer noted that Caterpillar has close to a decade of upside from replacement and recovery of different markets over time. As such, the analyst believes there should be years of different pockets of revenues unfolding upwards.
Optimism
The analyst bets on mining as the key growth driver for Caterpillar, driven by upside from depressed aftermarket, muted OEM and inventory restocks.
“A true recovery in mining and oil and gas would see earnings above $8-10 if the rest of CAT’s businesses were healthy, in our view,” Wertheimer highlighted.
The analyst also raised his price target to $110 from $100.
At last check, shares of Caterpillar was up 1.98 percent at $94.71.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.