The stock price of Caterpillar (NYSE: CAT) has seen a fall of 13% over the last month, while it is down 10% YTD, owing to a mix of global geo-political factors weighing over the broader markets and the rising costs for the company, given the inflationary headwinds and supply chain constraints. In our previous update on Caterpillar, we maintained our view that CAT stock is undervalued, and the dip following its Q4 release can be used as a buying opportunity. Since then, CAT stock has declined 9%, implying a further rise in its upside potential.