Oppenheimer upgrades Caterpillar to 'outperform', instating PT

Oppenheimer upgrades construction equipment manufacturer Caterpillar CAT.N to 'outperform' from 'perform', keeping the price target unchanged at $395

Brokerage said, while the global macro outlook likely to remain near-term overhang, co's better-than-feared quarter highlighted relative resiliency of the demand and margin outlook

Says co's upgrade driven by strength and diversity of the backlog growth and dampened cyclicality afforded by 40% of sales coming from services

Shares are nearly 1% up at $312 premarket

Co reported earnings on Wednesday

10 of 28 brokerages rate the stock "buy" or higher, 16 "hold" and 2 "sell" ; their median PT is $372

As of last close, stock had fallen 14.8% YTD