Caterpillar is the fourth best performing Dow stock year-to-date with a gain of 30.9%.
The stock is up 43.7% since its post-election low of $84.45 set on Nov. 8.
The all-time intraday high set on Friday is $121.57.
The stock rose 2% to a record high after the UBS report.
“To reflect our new evidence that a continuation of the earnings upcycle is ahead and that CAT's growing cash position will drive upside to earnings and returns as it gets deployed. Our UBS Evidence Lab Macro analysis suggests a re-acceleration of US private construction activity, and our UBS Evidence Lab survey indicates that mining capex should continue to improve in 2018,” analyst Steven Fisher wrote in a note to clients Monday.