Oppenheimer Reiterates Caterpillar (CAT) at Perform following CEO change

Oppenheimer analyst Noah Kaye reiterated a Perform rating on Caterpillar (NYSE: CAT).

The analyst commented: "Marking its 100th anniversary today, CAT announced the appointment of Joe Creed as CEO, succeeding Jim Umpleby, effective May 1. The transition was widely anticipated following Mr. Creed's appointment to COO in late-2023. Throughout his long-tenured career at CAT, including serving as interim CFO in 2018, investors have had the opportunity to get to know Mr. Creed. Given that he has recently served as head of E&T, we believe, points to where CAT sees its long-term differentiation as the backbone for its large machines and integrated power offerings. While Mr. Creed will be stepping into the role at a challenging part in the cycle and amid a dynamic macro backdrop, we believe the well-telegraphed internal succession, and Mr. Umpleby's transition to Executive Chairman likely limits the impact on shares."

For an analyst ratings summary and ratings history on Caterpillar click here. For more ratings news on Caterpillar click here.

Shares of Caterpillar closed at $298.12 yesterday.

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