While mining stocks have been taking a breather lately, that does nothing to change the dynamics of the industry, which is the continual pursuit of new resources, as well as working existing mines. That's good news for Caterpillar (NYSE:CAT), as many mining companies are flush with cash after a super 2010, and are looking to spend on new equipment.
Consequently, after a solid fourth quarter, Susquehanna is boosting their EPS estimates and price target on CAT raising their guidance.
Susquehanna raised their full year 2011 by 6 percent and their full year 2012 EPS estimate by 5 percent. The new full year 2011/12 EPS estimates were bumped up from $5.90 and $7.50 to $6.25 and $7.85.
They maintain their "Positive" rating on Caterpillar, which closed Friday at $95.68, losing $0.95, or 0.98 percent. Susquehanna boosted their price target on Caterpillar from $105 to $118.
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