Evercore ISI Group Maintains In-Line Rating for Cummins: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Evercore ISI Group has maintained its In-Line rating for Cummins (NYSE:CMI) and increased its price target from $231.00 to $244.00. Despite a current trading price of $263.85, which is down 0.99% over the last 24 hours, the new target suggests a potential decline of 7.52%. Cummins is a leading manufacturer of diesel engines and powertrain components, facing competition from heavy-duty truck manufacturers and regulatory challenges.
February 20, 2024 | 5:00 pm
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Evercore ISI Group maintains an In-Line rating for Cummins with a raised price target from $231 to $244, despite the stock trading at $263.85, indicating a potential 7.52% decline.
The maintenance of an In-Line rating combined with a price target increase suggests a cautious optimism from Evercore ISI Group. However, the new target is still below the current trading price, indicating an expected decline. This could be due to the competitive and regulatory challenges faced by Cummins, despite its leadership in the diesel engine market. The short-term impact is likely negative due to the anticipated price adjustment towards the new target.
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