Industrial equipment maker Caterpillar got a rating boost from Bernstein analysts.
The analysts raised their rating on Caterpillar’s shares to outperform from market perform.
Bernstein analyst Chad Dillard has a $240 price target on the stock. According to Dillard, concern about the end of the machinery cycle in 2022 was overdone. The analyst said that expectations for Caterpillar were "low" and that it was an earlier-cycle stock in a mid-cycle sector. He further added that Caterpillar should be the largest beneficiary of looser monetary policy in China.