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Caterpillar Inc. Market Update

2/10/2023 1:57 PM

The stocks of one of the world's leading manufacturers of special equipment Caterpillar Inc. are trading in a corrective trend, reaching the level of 246.00.

Almost all leading analysts positively assess the further dynamics of the issuer's shares after the publication of a positive report for Q4 2022. So, analysts of Bank of America Corp. confirmed the "Outperform" rating and the target price of 295.0 dollars per share of the company for 2023 against the background of the re-opening of the Chinese market, lower capital costs and higher revenues.

Among the stable indicators of Caterpillar Inc. are sales and revenue growth for the quarter by 20.0% to 16.6B dollars, which exceeds the consensus estimate of 15.82B dollars, as well as an increase in these indicators for the year by 17.0% to 59.4B dollars. In turn, earnings per share of 3.86 dollars did not reach the consensus estimate of 4.02 dollars, but turned out to be at the level of the previous quarter, which can also be considered a positive result.

The company confirmed plans to pay quarterly dividends of 1.2 dollars per share on February 17, which corresponds to a yield of 1.90% per annum.

On the daily chart, the company's shares are trading within the ascending corridor, having approached the support line at 250.00.

Technical indicators hold the buy signal, which has weakened somewhat due to the local correction: the fast EMAs on the alligator indicator are still above the signal line, and the histogram of the AO oscillator is trading in the buy zone.

Support levels: 241.70, 226.30. | Resistance levels: 251.30, 264.30.

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