Citi Slashes CAT Target, Lifts West Pharma by $82

Citigroup drove the bulk of analyst activity on Sunday, issuing a wave of target price revisions across industrials, healthcare, and financials.

The sharpest cut fell on CAT. Analyst Kyle Menges trimmed his target from $950 to $800, a $150 reduction, while keeping his Buy rating. Caterpillar carries a $286B market cap and short interest of just 1.7% of free float. The Japan machine tool orders dataset, which rose 67% year-on-year in September 2026, points to strengthening demand for industrial equipment globally. That makes the target cut notable: Menges appears to be resetting expectations rather than turning bearish on the cycle.

The biggest upside surprise came at WST. Citi's Joanne Wuensch lifted her target on West Pharmaceutical Services from $412 to $494, an 20% jump, reinstating a Buy. The medtech packaging firm has a $28.7B market cap.

Gilead Sciences also earned a target raise, to $188 from $165, with Citi keeping its Buy. At a $212B market cap, Gilead's short interest sits at just 1.6% of free float.

JP Morgan swept through US banks, lifting targets on WFC, USB, PNC, STT, RF, TFC, and NTRS. The moves were modest, ranging from $0.50 to $6.50 per name, and reflect post-earnings calibration rather than directional calls.

Republic Services received a Citi target lift to $265 from $245, keeping its Hold rating.