Citi raises Caterpillar, AGCO PT on stronger 2026 margins
Citi raises PT on industrial and agricultural equipment makers Caterpillar CAT.N and AGCO AGCO.N
Lifts PT on CAT to $710 from $690, a 15% upside to stock's last close
Lifts PT on AGCO to $120 from $115, a 7.2% upside to stock's last close
Brokerage lifts estimates for CAT's 2026 adj. EPS to $22.00 from $21.90, primarily reflecting higher pricing in construction industries segment and margin assumptions
Expects double-digit percentage power generation growth for CAT, led by data center backup and prime power demand, supported by capacity expansion that should continue to ramp through 2030
Says while AGCO has done a solid job at improving margin profile, tariff mitigation and further margin enhancement initiatives could take some time to manifest, particularly since North American agriculture is expected to fall further in 2026
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