BofA Raises Caterpillar PT Price Due to Improvement in Mining Equipment Segment – 09/30/2024 at 4:26 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

September 30 – ** BofA raises PT of industrial equipment maker Caterpillar CAT.N to $434 from $376

**Note healthy balance in mining ecosystem after attending MINExpo (on mining equipment)

** “Mineral prices are not at record highs, but miners are generating free cash flow, industrial site expansion projects are on track, OEM order books are not on fire, but stable” – BofA

** Brokerage says increased economic stimulus in China is boosting commodity values, prompting miners to upgrade their fleets to maintain productivity

**CAT’s resource industries segment, which makes mining equipment, likely to see higher profits

**9 of 26 brokerages rate the stock as “buy” or higher, 14 as “hold” and 3 as “sell” or lower; their median forecast is $337 – LSEG data

** Until the last close, the stock was up 32.2% year to date