Caterpillar Inc

CAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$653.00	Fksp	Tcrxqwvtc

Caterpillar Reiterates Its Margin, Free Cash Flow, and Services Targets at Its 2022 Investor Day

Dawit Woldemariam

May 18, 2022

Caterpillar held its investor day on May 17, where it reiterated its 2019 investor day targets for operating margins, free cash flow, and services. Following the event, we raised our fair value estimate to $189 from $187 previously to reflect minor adjustments to our near-term margin expectations.

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