New York, Feb 25, 2026, 15:42 EST — Regular session
- CAT shares little changed in late-afternoon trade after Wells Fargo raised its price target to $870
- Caterpillar is pushing more connected, digital fleet tools, including a refreshed Cat Rentals platform
- Focus shifts to CONEXPO-CON/AGG in Las Vegas in early March and a March 5 management chat
Caterpillar shares were little changed on Wednesday after Wells Fargo raised its price target on the heavy equipment maker to $870 and kept an “Overweight” rating, a call that implies outperformance. The stock was up 0.02% at $768.41 by 3:21 p.m. EST. A price target is a brokerage’s estimate of where a stock could trade over the next 12 months. (StockAnalysis)
The timing matters because Caterpillar has turned into a busy trade tied to U.S. construction and the buildout of power gear for data centers. The shares are up about a third so far this year, and the tape has been jumpy on any sign the cycle is bending.
Caterpillar, based in Irving, Texas, is also trying to sell a steadier story alongside machines: software, connectivity and services that stick around. That mix can work when demand is strong, and it can look better when orders slow.
Caterpillar said it will refresh its Cat Rentals brand and roll out updated digital tools at CONEXPO-CON/AGG next month, including a revamped catrentals.com and deeper telematics integration — the wireless stream of machine data used to manage fleets. “It’s all about making the rental process easier and offering better visibility,” said Phil Kelliher, senior vice president of Cat Rental & Used. (Cat)
Wells Fargo analyst Jerry Revich pointed to firmer U.S. private non-residential construction and what he called “an acceleration in Power & Data Center” work, Barron’s reported. The magazine said Revich’s $870 target sits just below Evercore ISI’s $878, with both firms rating the stock a buy. (Barron’s)
Earlier this week, Caterpillar said it would integrate Geotab’s on-highway data into its VisionLink fleet platform, aiming for one dashboard that covers trucks alongside Cat and non-Cat off-highway assets. “Our customers want one simple way to manage everything in their fleet,” said Ogi Redzic, Caterpillar’s chief digital officer, adding that roughly 30% of customer assets run on-highway. (Cat)
A separate regulatory filing showed Construction Industries Group President Rodney Michael Shurman exercised options and sold 2,278 Caterpillar shares on Feb. 23 at a weighted average price of $759.61. He still held 1,443 shares directly after the transaction, the filing showed. (SEC)
Caterpillar Financial Services, the financing arm, issued $350 million of floating-rate notes due 2029 and $950 million of 3.750% notes due 2029 on Tuesday, an 8-K filing said. The notes are listed on the New York Stock Exchange, the filing showed. (SEC)
In a smaller item, battery maker ElevenEs said Caterpillar Venture Capital backed the first closing of its Series B round as the company prepares to start building a 1 GWh lithium iron phosphate battery factory in Serbia in February. ElevenEs said it expects first battery cell deliveries in 2027. (Business Wire)
The stock closed up 1.55% on Tuesday at $768.23 after dipping earlier in the session, MarketWatch data showed. That bounce left Caterpillar near the top end of its recent range heading into month-end. (MarketWatch)
But Caterpillar is still a cyclical name. A pullback in non-residential building, weaker mining investment or a pause in data-center spending could squeeze dealer orders and test how much of the recent rally is fundamentals versus momentum.
Traders now have CONEXPO-CON/AGG on the calendar, running March 3-7 in Las Vegas, where Caterpillar rivals including Deere and Komatsu are also due to show product and tech updates. Caterpillar’s CEO Joe Creed and Group President Rod Shurman are scheduled for a fireside chat on March 5, the company’s events page shows. (CONEXPO-CON/AGG)
