Caterpillar Has Potential For Multiple Expansion Post Earnings, Goldman Sachs Says
1. CAT Q4 sales fell 5% year-over-year to $16.215 billion. 2. Adjusted earnings of $5.14 per share exceeded expectations. 3. 2025 sales expected to decline by ~1% due to pricing pressures. 4. Concerns over margin targets, 200 bps below consensus for 2025. 5. Strong destocking of $700 million and healthy order ratio of 1.08x.