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UPDATE 1-Caterpillar gains traction on Merrill Lynch upgrade.
(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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