"[Before the war] there was a perception CAT wasn't positioned particularly well because mining, oil, and gas were not going to be growth sectors," said Stephen Volkmann, senior machinery analyst at Jefferies. "CAT can be regarded as a net beneficiary of material cost inflation to the extent that its customers in mining, oil and gas are better off and looking to spend more on equipment," J.P. Morgan analyst Tami Zakaria said in a note. Historically, a surge in commodity prices and inflation has tilted in Caterpillar's favor - boosting investors confidence in the blue-chip stock.