Jefferies upgrades Caterpillar to buy, calls stock a hedge against commodity inflation

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Jesse Pound@/in/jesse-pound@jesserpound
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Caterpillar excavators are displayed for sale at the Whayne Supply Co. dealership in Louisville, Kentucky, Jan. 27, 2020.
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Caterpillar could become a key part of investor's portfolio's as companies and governments react to Russia's war in Ukraine, according to investment firm Jefferies.