Caterpillar Inc. (CAT) Upgraded By Morgan Stanley

Morgan Stanley (NYSE: MS) upgraded its rating of Caterpillar Inc. (NYSE: CAT) from Underweight to Overweight and raised Caterpillar 's price target from $51 to $70.

"We are now more bullish than consensus on both the pace of cyclical acceleration and on CAT's ability to deliver on its structural transformation and, potentially, $8 to $10 in earnings," said analyst Robert Wertheimer.

It marked the first time in three years of coverage that Morgan Stanley has been positive about Caterpillar Inc.