Caterpillar's scale creates a wide moat, but tough commodity pricing remains an obstacle.
After further review of Caterpillar's year-end results, we are increasing our fair value estimate to $125 from $101 per share. Overall, we were surprised by the acceleration of equipment sales recovery in recent months and have updated our valuation model to better reflect the revenue growth and operating margin prospects that we now anticipate.We now project revenue will grow at an 8.7% CAGR from 2016-21, whereas previously we assumed 7%. We believe this updated growth rate better reflects the...
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