CAT: WFS AI Turbine Tracker Hits 4.3 GW, Non-Res Recovery Accelerating; Overweight

研报英文原文证据摘录

CAT: WFS AI Turbine Tracker Hits 4.3 GW, Non-Res Recovery Accelerating; Overweight

Equity Research

Company Update — June 22, 2026

Machinery, Industrials & Environmental Services

Caterpillar Inc.

WFS AI Turbine Tracker Hits 4.3 GW, Non-Res Recovery Overweight

Accelerating; Overweight Price Target: $1,155.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

Our WFS AI Turbine Tracker added a new West Texas project — powered by 12 Solar Titan Price Target $1,155.00 $1,050.00 10.0%

350 units, representing 0.5 GW, — lifting total tracked CAT turbine and gas compression

to 4.3 GW. Reiterate Overweight. Ticker CAT

Upside/(Downside) to Target 13.0%

Price (06/22/2026) $1,022.28

We reiterate our Overweight rating amid building visibility on Turbine awards & US 52 Week Range $357.73 - 1023.29

private non-residential construction. We add Project Kilby at 0.5 GW of CAT turbine

Market Cap (MM) $476,178

demand. Our WFS AI turbine tracker is now tracking 4.3 GW. Our data center and oil & gas

checks indicate CAT prime reciprocating engines and Solar Turbines lead times are into Average Daily Value (MM) $2,682

2029. At the same time, the US non-residential construction recovery is set to accelerate Dividend Yield 0.6%

ahead of expectations, and our DCF points to sum-of-parts upside.

$ (Dec) Q1 Q2 Q3 Q4 FY

Project Kilby (data center) EPS

2026E 5.54 A 6.38 E 7.20 E 7.23 E 26.33 E

• Energy Forge One signed a 20-year power purchase agreement to develop a natural 2027E 6.41 E 7.61 E 8.71 E 9.17 E 31.87 E

gas-fired power facility supplying dedicated electricity to a Microsoft data center in

West Texas. Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

• The developer plans to deliver ~2.67 GW of capacity, with five GE 7HA.02s