Caterpillar (NYSE:CAT) was upgraded from Neutral to Buy at Longbow today. The stock closed yesterday at $106.74 on volume of 6.2 million shares, below average daily volume of 6.8 million.Caterpillar has overhead space with shares priced $106.74, or 18.5% below the average consensus analyst price target of $131.00. The stock should hit resistance at its 50-day moving average (MA) of $110.42, as well as support at its 200-day MA of $97.26.Over the past year, Caterpillar has traded in a range of $67.54 to $116.95 and closed yesterday at $106.74, 58% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.