Caterpillar Inc

CAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$272.00	Rdt	Hjwcwzrs

Caterpillar Earnings: Fourth-Quarter Earnings Were Solid; We See 2024 Also Being Positive

Dawit Woldemariam

Feb 5, 2024

Caterpillar reported solid fourth-quarter earnings, leading us to raise our fair value estimate by 1% to $232 per share (up from $229 previously). The change in our fair value was mainly due to slight upward tweaks to our near-term sales and margin expectations. We maintain our overvalued assessment, as the market looks to be fully baking in the infrastructure opportunity for Caterpillar.

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