卡特彼勒_订单积压创纪录，需求强劲但估值偏高

U.S. Machinery Caterpillar Inc Rating Market-Perform Price Target CAT 678.00 USD (630.00 OLD) 29 January 2026 Chad Dillard +1 917 344 8469 chad.dillard@bernsteinsg.com Miguel Marques, CFA +1 917 344 8432 miguel.marques@bernsteinsg.com Specialist Sales Steve Song +1 917 344 8401 steve.song@bernsteinsg.com Caterpillar: Monster backlog, strong demand, tough valuation CAT reported a strong 4Q. Top line results beat, but margins remained pressured as price (ex-P&E) remained negative, and tariff costs remain elev ...