Marketwatch is reporting that if you want to be early to the start of a new inflationary cycle in mining and commodities, the time for buying Caterpillar Inc.’s stock is … now.

Analyst Mircea “Mig” Dobre at RW Baird raised his rating on the mining-and-farm-equipment maker to outperform from neutral, a rating he’s maintained since September 2013. The analyst also raised his stock price target for CAT to $101, which implies a 13% rise from current levels, from $80.

That call has helped push the stock CAT, +1.67% up 2.1% in midday trade to a four-month high, enough to make CAT the one of the best performers among blue-chip Dow components.

Dobre said the deflationary cycle in mining and commodity prices over the last several years is in line with the “bust” of the 1980s. If it gets any worse, it would start to mirror the period of the 1920s during the Great Depression, which he believes is unlikely given all the stimulus global central banks have provided.

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