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Bernstein upgrades Caterpillar to outperform, says machinery stock can jump more than 20%

Caterpillar excavators are displayed for sale at the Whayne Supply Co. dealership in Louisville, Kentucky, Jan. 27, 2020.
Luke Sharrett | Bloomberg | Getty Images

The market is underestimating the near-term growth potential of Caterpillar and the stock is cheap, according to investment firm Bernstein.

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