Goldman Sachs Upgrades Cummins (CMI) to Conviction Buy

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Goldman Sachs upgraded Cummins (NYSE: CMI) from Buy to Conviction Buy with a price target of $144 ahead of an emerging $1+ billion new product cycle.

The firm cited: 1) New product cycle to drive over $1 bn sales and $1 EPS upside potential to consensus 2014 estimates - Catalysts: Navistar product announcement, China new standards implementation; 2) Core global truck markets are in the early stages of cyclical recovery and we see 9% upside potential to 2013 consensus estimates - Catalysts: Monthly reports for truck production and freight volumes; 3)Leading global truck and off highway engine market position drives opportunities for further new product sales upside.

For an analyst ratings summary and ratings history on Cummins click here. For more ratings news on Cummins click here.

Shares of Cummins closed at $112.79 yesterday, with a 52 week range of $82.20-$129.51.

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