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Shares of Caterpillar Inc. CAT, -0.52% rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next “megacycle” is underway. Elkott started coverage of Caterpillar’s stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday’s closing price.
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