Evercore Turns More Bullish on Caterpillar (CAT) with $1,103 Price Target

On May 11, Evercore ISI expert David Raso raised the terms proposal connected Caterpillar Inc. (NYSE:CAT) to $1,103 from $878. The expert reiterated an Outperform standing connected the stock.

During the company’s Q1 2026 net call, Chairman and CEO Creed said Caterpillar present expected full-year 2026 income and gross maturation successful the debased treble digits. He besides said the institution was not expecting immoderate worldly interaction connected its 2026 outlook astatine this stage, adjacent with ongoing geopolitical uncertainty and higher vigor prices.

Senior Vice President Kyle Epley said the institution had lowered its estimation for full-year 2026 tariff costs to betwixt $2.2 cardinal and $2.4 billion. That was down from the earlier estimation of $2.6 cardinal shared past quarter. He added that the institution planned to summation efforts to offset tariff-related costs successful the 2nd fractional of the year.

Epley besides said Caterpillar inactive expected restructuring charges of astir $300 cardinal to $350 cardinal successful 2026. The company’s superior expenditure forecast remained astir $3.5 billion. He added that MP&E’s escaped currency travel was present expected to apical the $9.5 cardinal reported past year.

Caterpillar Inc. (NYSE:CAT) makes operation and mining equipment, off-highway diesel and earthy state engines, concern state turbines, and diesel-electric locomotives.

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