Caterpillar hits record high as JPMorgan lifts target to $1,165

Caterpillar (CAT) shares have notched a record high and are up 68% in 2026, after J.P. Morgan Securities raised its price target to $1,165. Options positioning shows the stock’s 10-day put/call volume ratio in the 92nd annual percentile, alongside elevated put/call open interest. A historical signal has appeared for the ninth time in three years, and Schaeffer's Senior Quantitative Analyst Rocky White said the stock was higher one month later 100% of the time, with an average 11.3% return.