Bank Of America Securities analyst Michael Feniger retained a Buy rating on Caterpillar, Inc. (NYSE:CAT) with a price forecast of $650.

The analyst presented key takeaways for the company based on rival Deere & Company’s (NYSE:DE) earnings reported last week.

Deere Earnings Snapshot

The heavy machinery maker reported earnings per share of $3.93, beating the consensus of $3.88.

It reported an 11% year-over-year (Y/Y) increase in quarterly sales to $12.39 billion, beating the consensus of $9.85 billion.

Deere expects fiscal 2026 net income of $4.0 billion to $4.75 billion, implying a year-over-year decline of 20% to 5.5%.

Recent Caterpillar Earnings

In October, Caterpillar’s third-quarter 2025 results topped Wall Street expectations, driven by strong ...