CAT added to Goldman's Conviction Buy list

|By:, SA News Editor

Caterpillar (NYSE:CAT) +1.3% premarket after Goldman upgraded the stock to its Conviction Buy list with a PT of $120, citing an "attractive combination" of higher mid-cycle EPS.

The firm believes mining machinery demand is at an inflection and construction machinery market demand is in the early stages of a recovery, with significant opportunity for inventory restock.