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

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

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.