Caterpillar (NYSE:CAT) stock appears poised to achieve record profits in FY2024, which is likely to power a bullish rally from its current levels. Although shares have experienced a modest decline since early April, likely due to investors capitalizing on last year’s substantial gains, the recent dip presents a compelling entry point. The company’s solid sales and growing earnings indicate that Caterpillar is likely undervalued, forming an attractive opportunity for prospective investors. Consequently, I am bullish on the stock.
Q1-2024: Starting the Year on a High Note
At first glance, Caterpillar’s Q1 results may seem mixed. Nevertheless, I believe they are quite impressive with proper context, especially given the explosive growth in recent years. Specifically, in FY2021, FY2022, and FY2023, Caterpillar achieved revenue growth of 22.1%, 16.6%, and 12.8%, respectively….
