NEW YORK, Jan 2, 2026, 14:45 ET — Regular session
- Caterpillar shares rose about 4.3% in afternoon trading, outpacing most industrial peers.
- Wolfe Research lifted its price target to $670 from $470 and kept an “outperform” rating.
- Traders are looking ahead to CEO Joe Creed’s CES keynote on Jan. 7 and Caterpillar’s late-January earnings window.
Caterpillar Inc (NYSE: CAT) shares climbed 4.3% on Friday after Wolfe Research raised its price target on the heavy equipment maker to $670 from $470 and reiterated an “outperform” rating, according to MT Newswires. 1
The call landed as Wall Street opened 2026 with a cautious tone and investors repositioned toward economically sensitive names, including industrials, after a choppy finish to 2025. 2
“The market is looking for direction,” said Matthew Maley, chief market strategist at Miller Tabak, pointing to a packed January calendar that includes the U.S. employment report on Jan. 9 and the consumer price index on Jan. 13. 3
A price target is an analyst’s estimate of where a stock could trade over a set horizon, often 12 months, while an “outperform” rating signals an expectation the shares will beat the market or its sector peers.
At about 2:45 p.m. ET, Caterpillar was trading at $597.50, after ranging between $575.00 and $597.50 in the session.
Caterpillar and other industrial heavyweights helped support the Dow earlier in the day, while broader benchmarks struggled for clear direction, Reuters reported. 2
Investors have also been leaning into a longer-running “power demand” theme tied to the buildout of AI data centers, which has boosted interest in Caterpillar’s generator and engine businesses, Investor’s Business Daily reported. 4
The company has another near-term visibility moment at CES in Las Vegas, where CEO Joe Creed is scheduled to deliver a keynote on Jan. 7, according to CES. 5
Deere & Co (DE), a key peer in agricultural and construction machinery, was up about 0.8% in afternoon trading.
Beyond CES, macro data is set to dominate next week. The Bureau of Labor Statistics calendar shows the December employment report due at 8:30 a.m. ET on Jan. 9. 6
Caterpillar’s next major company catalyst is quarterly results, which Nasdaq’s earnings calendar estimates for Jan. 29. Investors typically focus on demand signals across construction and mining equipment, pricing, and cost pressures in the earnings commentary. 7
Dividend-focused holders also have a date on the calendar: Caterpillar’s investor relations site lists a $1.51 per share dividend with an ex-dividend date of Jan. 20 and a payable date of Feb. 19. 8
