- Caterpillar (CAT +2%) pushes to new all-time highs after UBS turned bullish on the stock, believing that its earnings upcycle will continue given a growing cash position.
- UBS says its latest analysis of private non-residential construction suggests activity will accelerate in Q4, with 60% of mining companies surveyed expecting new equipment budgets will increase in 2018 while more than half plan to rebuild fleets within the next 12 months.
- CAT will generate nearly $10B in cash flow during 2018-20 after capital spending and dividend payments, which could be strategically redeployed or returned to shareholders, UBS says.
- Tigress Financial thinks autonomy is another reason to be bullish: "CAT is equipping its machinery with fully autonomous and remote-control capabilities that can completely run a job site... This increases efficiency and safety significantly and creates a new opportunity for the sale and upgrade of Caterpillar equipment."
- CAT shares are up 33% YTD vs. 13% for the Dow and 12% for the SPDR Industrial Select Sector ETF (XLI +0.5%).
- Now read: Time To Get Off The Caterpillar Tractor
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Caterpillar rallies to new record highs after UBS upgrade
Published 09/18/2017, 02:34 PM
Updated 09/18/2017, 02:34 PM
Caterpillar rallies to new record highs after UBS upgrade
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