Jefferies raises Caterpillar PT on power generation, service growth
Jefferies hike PT on heavy machinery maker Caterpillar CAT.N to $700 from $570, maintains rating at "buy"
New PT shows a premium of 27.8% to the stock's last close
Brokerage says co plans to double power generation revenue by 2030, led by engine and turbine expansion, with growing service income anchored by its fully direct Solar Turbines model
Jefferies says CAT's construction and resource businesses are doing well because sales are growing faster than demand
Adds that co is benefiting from better rail integration, increased spending in mining, and growth in automation and services
Brokerage lifts 2025 EPS forecast to $18.35 from $18.10
12 of 28 brokerages rate the stock "buy" or higher, 14 "hold" and 2 "sell"; their median PT is $558.50- data compiled by LSEG
Stock up 51% YTD, as of last close
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