Credit Suisse Believes Caterpillar (NYSE: CAT) Still Has Room to Grow

By Carrie Williams

Credit Suisse analyst Jamie Cook maintained a Buy rating on Caterpillar (NYSE: CAT) yesterday and set a price target of $123. The company’s shares closed yesterday at $103.47, close to its 52-week high of $108.18.

According to, Cook is a 3-star analyst with an average return of 1.9% and a 52.7% success rate. Cook covers the Basic Materials sector, focusing on stocks such as Mcdermott International, Aecom Technology Corp, and Jacobs Engineering.

Currently, the analyst consensus on Caterpillar is Moderate Buy and the average price target is $104.09, representing a 0.6% upside.

In a report issued on June 20, Merrill Lynch also maintained a Buy rating on the stock with a $120 price target.

Based on Caterpillar’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $9.82 billion and quarterly net profit of $192 million. In comparison, last year the company earned revenue of $9.46 billion and had a net profit of $271 million.

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Caterpillar, Inc. engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It provides technology for construction, transportation, mining, forestry, energy, logistics, electronics, financing, and electric power generation. It operates through the following segments: Construction Industries, Resource Industries, Energy & Transportation, and Financial Products. The Construction Industries segment supports customers using machinery in infrastructure and building construction applications. The Resource Industries segment responsible for supporting customers using machinery in mining and quarrying applications and it includes business strategy, product design, product management, and development, manufacturing, marketing and sales and product support. The Energy & Transportation segment supports customers in oil and gas, power generation, marine, rail, and industrial applications. The Financial Products segment line business provides a wide range of financing alternatives to customers and dealers for Caterpillar machinery and engines, solar gas turbines as well as other equipment and marine vessels. The company was founded on April 15, 1925 and is headquartered in Peoria, IL.