Bernstein upgrades Caterpillar to outperform, says machinery stock can jump more than 20%
Bernstein said "concern about the end of the machinery cycle in 2022 was overdone." The bottom line is "that the market is treating CAT like it is late cycle, despite the fact that >75% of the business is mid-cycle or earlier and it will be a key beneficiary of a rebound in China/global growth."
Trade accordingly with your risk.