Caterpillar’s Investor Day Review

Oppenheimer analysts shared their views on Caterpillar Inc. (NYSE:CAT) following the company’s 2022 Investor Day, which highlighted its positioning for levers of thematic growth tied to digitalization, autonomy, and the energy transition.
The analysts view the financial outlook as relatively light (reiterated 2019 ME&T framework targets, new $15 billion share repurchase authorization). They provided the following key takeaways from the event: (1) support for the commodities-driven bull thesis, with EV adoption a long-term demand driver, (2) indicators of inflecting autonomy adoption, and (3) proof points of the company’s ability to grow wallet share in parts/services for a growing connected asset base.
According to the analysts, the company’s diversified-portfolio approach to the energy transition and the addition of sustainability as a growth focus may provide long-term investors some incremental comfort.

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