Oppenheimer raises Caterpillar PT on strong digital push

Oppenheimer lifts PT on heavy machinery maker Caterpillar CAT.N to $817 from $729, maintains rating at "outperform"

New PT implies an upside of 15.7% from stock's last close

Brokerage says co's accelerated digital push, including advances in physical AI and the revamped Helios data backbone, supports a stronger long-term earnings outlook

Adds that co doesn't want to use subscription-style pricing because its machines already give customers more value on their own

Shares down about 1.6% at $695 premarket

15 of 30 brokerages rate the stock "buy" or higher, 13 "hold" and two "sell"; their median PT is $700 - data compiled by LSEG

As of last close, stock up 23.3% YTD