Jim Cramer Expresses Surprise Over Barclays PT for Caterpillar

Caterpillar Inc. (NYSE:CAT) is one of the stocks that Jim Cramer shared thoughts on. During the episode, Cramer discussed the stock in light of Barclays’ recent coverage. He said:

“Barclays seems to have bought into a theory that we’re heading into recession or something, or at least a capital spending drought. That hasn’t played out. So today, they raised a whole bunch of price targets in the capital goods sector, but they raised them to well below where the stocks are already trading. They took Caterpillar stock, for instance, $335 to $383. It’s at $410… These, those are just plain wrong.”

Caterpillar (NYSE:CAT) designs and manufactures heavy machinery, engines, and locomotives that serve industries like construction, mining, energy, and transportation. The company also offers financing, insurance, parts, and digital solutions to support equipment performance and customer operations. During the July 15 episode, Cramer made positive comments about the company, as he said:

“I think, you know what, I gotta tell you something… I mean, the primarily not housing, but you’re absolutely right. You have to have housing. Vulcan Materials is actually more of a play, as is Martin Marietta Materials. However, Caterpillar is an ancillary to that. Caterpillar’s done incredibly well this year. I will miss Jim Umpleby, who’s stepped up to chairman, but I think he left Caterpillar in the best hands I’ve ever seen the stock in. It’s a buy, and I think you will do quite well. Now, at this point, I would wait till after the quarter, which is August 5th. You don’t need to get ahead of it.”

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Disclosure: None. This article is originally published at Insider Monkey.