Caterpillar Inc

CAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$177.00	Wgk	Vxlbrbx

Caterpillar Earnings: Machinery Sales Down Slightly, While Margins Remain Stable

Dawit Woldemariam

Apr 25, 2024

We've raised our fair value estimate for wide-moat Caterpillar to $245 per share from $232. About half of the increase was attributable to the time value of money since our last update. We also made tweaks to our near-term sales and margin expectations. We now forecast machinery sales to increase 3% in 2024 before rising by a mid-single-digit percentage during 2025-28.

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