Street View: Power demand keeps 2027 growth thesis alive for Caterpillar

** Caterpillar CAT.N reaffirmed its annual sales growth forecast on Thursday, backed by strong data center power demand despite cost pressures and AI skepticism

** Median PT of 30 brokerages covering the stock is $900 — LSEG data

PLAYING THE LONG GAME

** Morgan Stanley ("equal-weight", PT: $675) says backlog remains robust and earnings can continue to grow, though the stock may stay range-bound as investors debate the strength of the industrial cycle

** BofA Global Research ("buy", PO: $746) says co is ramping capacity as order rates remain strong and sees room for further gains in 2027 if underlying demand remains robust

** Daiwa Capital Markets ("neutral", PT: $690) says stronger 2027 pricing could be an upside catalyst, though slower data center demand remains a key risk

** Jefferies ("buy", PT: $785) says Caterpillar's record backlog and expanding power-generation capacity support a stronger 2027 setup, with improving visibility into future volumes