Cummins (CMI) PT Raised to $372 at Baird

Baird analyst Luke Junk raised the price target on Cummins (NYSE: CMI) to $372.00 (from $330.00) while maintaining a Neutral rating.

The analyst commented: "CMI traded higher after reporting 3Q24 results that were above expectations and increasing full-year EBITDA guidance. Key takeaways: Power Systems continues to deliver upside to even bullish expectations (excellent execution continued), we anticipate overall sales and EBITDA ~stability in 1H25 as CMI comps still-ramping Power Systems margins/efficiency (offsetting well-telegraphed heavy-duty weakness near term), and see the company as well-positioned re: both price/cost entering 2025. Net, we like CMI's fundamental positioning to navigate near-term heavy-duty truck weakness, but are now pushing our valuation framework to high-end of historical ranges."

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