Caterpillar Inc. (NYSE: CAT) is a top stock in Bill Gates’ portfolio that analysts are watching. Bernstein SocGen Group raised its price target to $557 post third-quarter performance, showing gains in backlog and orders, particularly in the power generation division.

The company’s backlog surged by $2.4 billion to $39.9 billion, indicating $19.1 billion in orders, a 5% increase quarter-over-quarter. The Energy & Transportation segment saw revenues of $8.397 billion, up 17% from the previous year, driven by increased sales volume in various sectors, including power generation.

Despite positive performance, tariffs had a negative impact of nearly $600 million in the third quarter, extending the full-year impact to $1.675 billion. Caterpillar Inc. is a global producer of heavy machinery and engines used in construction, mining, and other industries.

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Disclosure: None. This article was originally published on Insider Monkey.

Read more at Yahoo Finance: Bernstein maintains Market Perform Rating on Caterpillar (CAT) as Orders Continue to Climb