Caterpillar shows strong dealer trends, Credit Suisse survey says

Credit Suisse sees green shoots in the U.S. industrial equipment market for Caterpillar (CAT) after 95% of dealers the firm surveyed said they were exceeding their forecasts, with the year now expected to gain 8%-12% Y/Y vs. an earlier forecast of 5%-7%.

The survey described broad-based positive housing commentary, non-residential was mixed but better on the margin, while signs of life were noted in multi-family housing, automotive, hospitals, schools and data centers; dealer inventory levels were very low, and dealers were concerned about lead times across multiple lines of equipment.

Credit Suisse has a $117 price target on CAT and an Outperform rating.

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