Wall Street consensus, price target range, and equity research thesis
Wall Street currently rates CAT buy with a 12-month price target of $935 (+67.4% upside). The sections below cover the bull case, key risks, and latest earnings context for Caterpillar Inc..
Recent Analyst Actions
12 of 13 analysts cut targets. Recent price target changes and ratings for CAT.
| Firm | Action | Rating | Price Target |
|---|---|---|---|
| Freedom Broker | Cut | Buy | $980$800 |
| DA Davidson | Cut | Neutral | $882$685 |
| JP Morgan | Cut | Overweight | $1100$1000 |
| Citigroup | Cut | Buy | $950$800 |
| Wells Fargo | Cut | Overweight | $840$805 |
| Morgan Stanley | Cut | Equal-Weight | $915$675 |
| Truist Securities | Cut | Buy | $1100$1027 |
| RBC Capital | Cut | Sector Perform | $897$722 |
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Analyst Research Summary
A structured look at the bull case, the risks, and the most recent earnings execution for CAT.
CAT beat estimates last quarter. Below are the key reasons analysts remain constructive and the risks that could change that view.
What keeps the long thesis intact
Wall Street rates CAT buy, giving the bull case institutional backing from 57 analysts.
What can break the setup quickly
Watch whether new negative commentary on CAT points to these structural risks or is simply reacting to short-term price moves.
Last Quarter
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Quick answers to the most common questions about buying CAT stock.
CAT looks attractive at current levels — Wall Street's consensus rating is "Buy" with a $935 price target (+67.4% upside from $558.63). This is informational only — verify the data and consider your own risk tolerance before deciding.
Timing depends on your horizon, but the data signals are: consensus rating "Buy" with +67.4% upside to the $935 target. In the past 30 days, 12 of 13 covering analysts cut their price targets — a bearish signal.
CAT's consensus 12-month price target is $935, set by 57 Wall Street analysts. The bull case high is $1118 and the bear case low is $749. From the current price of $558.63, this implies +67.4% upside.
CAT appears undervalued — the $935 consensus target is +67.4% above today's $558.63. It trades at a forward P/E of 20.4x. Targets range from $749 (bear) to $1118 (bull), reflecting different assumptions about growth and margins.
CAT reports next quarter. Earnings-week moves are volatile — historically, analyst targets revise upward after a beat and downward after a miss. The current consensus is "Buy" with a $935 target. Consider position sizing rather than going all-in pre-print.
Of 57 analysts covering Caterpillar Inc. (CAT): 0 Strong Buy, 31 Buy, 22 Hold, 4 Sell, 0 Strong Sell — a "Buy" consensus. The 12-month price target is $935 (range $749–$1118). Bullish analysts outnumber bearish by more than 2-to-1.
4 of the 57 analysts covering CAT rate it Sell or Strong Sell. Common concerns include valuation stretch, slowing growth, and sector-specific headwinds — see the Bull vs. Risk cards above for the specific theses on Caterpillar Inc..
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