Zacks Research upgraded Caterpillar (CAT) shares from a "hold" to a "strong-buy" rating. The upgrade follows Caterpillar's significant market outperformance over the past year.
Caterpillar reported record-breaking second-quarter results. The company achieved its first-ever $20 billion sales quarter. Its order backlog grew to an all-time high of $72 billion. Analysts cite sustained demand from construction, mining, and the energy and transportation sectors as key drivers. This includes power generation for AI data centers.