April 4, 2017 / 4:14 PM / 7 months ago

BUZZ-Caterpillar Inc: GS adds stock to its 'conviction list'

** Heavy machinery manufacturer’s shares rise as much as 2.7 pct to $94.78

** Goldman Sachs adds stock to its “conviction list”, citing CAT’s exposure to “underinvested machinery markets” which are in the early stages of recovery

** GS reiterates “buy” rating with a 12-month PT of $120

** Mining machinery demand is at a turning point and construction machinery demand is in the early stages of recovery with “significant scope for inventory restock” - GS analysts

** Of 25 brokerages, 13 rate the stock “hold”, 8 “buy” or higher and 4 “sell”; Median PT $96.00

** Up to Monday’s close, stock had fallen 0.5 pct YTD, compared with a 5.36 pct rise in the S&P 500 index

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