Shares of construction-equipment maker Caterpillar (CAT) received a big lift on Wednesday following an intriguing upgrade from Bernstein analyst Chad Dillard, who raised his price target on the name by $40 to $240. Bernstein outlined "easing" Chinese monetary policy, a continuation of the machinery cycle, and depressed steel prices as some of the primary drivers behind the significant upgrade. Indeed, there is light at the end of the tunnel as the firm continues managing through supply chain problems. Undoubtedly, COVID-induced supply chain hiccups have been common for many manufacturers, especially those in the discretionary corner of the market.
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