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UPDATE 1-Caterpillar gains traction on Merrill Lynch upgrade.

The America's Intelligence Wire

| May 24, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

Byline: Shannon Mitchell

NEW YORK (CBS.MW) -- Caterpillar is poised to deliver peak earnings in 2007 as demand for heavy construction and mining machinery picks up, and sales from its line of compact machines begin to contribute significantly to revenue, a Merrill Lynch analyst said Monday.

Analyst Andrew Obin lifted his rating on the heavy-equipment maker to "buy" from "neutral" and set a $102 price target. Caterpillar's shares climbed as much as 3.7 percent higher on an intraday basis before paring gains to end up 97 cents, or 1.3 percent at $74.

Obin also raised his 2007 earnings estimate to $8.35 per share, up from a prior estimate of $7.75, on a revised revenue forecast of $31.7 billion vs. $29 billion.

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