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Bank of America Securities analyst Michael Feniger retains a Buy rating on Caterpillar with a price forecast of $650, favoring the company over Deere. Feniger cites Deere's earnings, which beat expectations, and notes that Deere's North American earthmoving equipment inventories remain tight. He believes Caterpillar's machinery markets (mining, construction) are at trough levels, supporting a recovery multiple.

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