Caterpillar stock surges 151% in a year, eyeing $1,000 by 2027 amid AI data center demand and strong backlog.

Caterpillar's stock has risen 151.61% over the past year, driven by record backlog and growing demand as a key supplier for AI data centers. Despite recent profit-taking and tariff-related margin pressures, the company expects strong revenue growth and EPS increases, supported by a $63 billion backlog and expanding Power Generation sales. Analysts see potential for the stock to reach $1,000 by 2027 if data center orders continue, tariffs remain manageable, and share buybacks persist. Risks include tariff escalation and a slowdown in mining capital spending, especially from China.