Goldman Sachs Raises Price Target On Cummins (CMI), Sees 28% Upside

Goldman Sachs raised its price target on Conviction Buy List-rated Cummins (NYSE: CMI) from $136 to $150, suggesting 28% upside, following strong results. The firm said accelerating new product sales and emerging US upturn drive compelling upside.

The firm raised 2011-13 EPS estimates by an average of 12% to $8.41/ $10.35/ $11.65.

Goldman said they are buyers of the stock citing: (1) Intensifying engine regulations; (2) Emerging margin recovery in CMI’s developed market truck & power gen businesses (40% of profits); (3) Strong fixed-investment outlook for Asia and L America.


For more ratings news on Cummins click here and for the rating history of Cummins click here.

Shares of Cummins closed at $116.39 yesterday.

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