Caterpillar Inc: CAT power still shows momentum – can playbook be applied to construction?

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Caterpillar Inc: CAT power still shows momentum – can playbook be applied to construction?

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Caterpillar Inc

CAT power still shows momentum – can

playbook be applied to construction?

Reiterate Rating: BUY | PO: 989.00 USD | Price: 931.47 USD

Power momentum continues – eyeing construction side 14 July 2026

The newsflow around CAT’s Power segment continues to be positive: WMB (a large CAT Equity

customer) secures $5bn for BTM projects, Chevron power agreement highlights

Michael Feniger

differences for large and small turbines with validation on CAT’s new turbine (Titan 350), Research Analyst

mobile gas turbines remain in demand. In our view, it is key to CAT’s investment thesis BofAS michael.feniger@bofa.com

that demand continues to broaden out from Power side into other areas. In Construction,

Sherif El-Sabbahy

we believe CAT can leverage some best practices in Power (framework agreements) to Research Analyst

help capture incremental growth of the underlying construction market. We look to BofAS sherif.el-sabbahy@bofa.com

tomorrow’s call with a large contractor and BofA’s dealer survey for more clues. Matthew Palay

Research Analyst

BofASWilliams (CAT customer) secures $5bn for power projects matthew.palay@bofa.com

Yesterday, Williams (WMB), one of the largest players in nat gas pipeline networks in the

US, announced a JV with Blackstone/Apollo for BTM (behind-the-meter) power projects.

WMB is covered by BofA Energy analyst, Jean Ann Salisbury - see report WMB

announced JV with Blackstone for BTM. Why is this relevant for CAT? As we understand, Stock Data

Williams is one of CAT’s key customers for power equipment (turbines, recip engines) Price 931.47 USD

across midstream, pipelines, and power.