Standpoint Research Starts Cummins (CMI) at Buy; Replacing OSK on Our List of Open Recommendations
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Price: $631.26 -0.06%
Rating Summary:
15 Buy, 20 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 20 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Standpoint Research initiates coverage on Cummins (NYSE: CMI) with a Buy. PT $110.00.
Standpoint analyst, Ronnie Moas, said, "CMI is in effect replacing Oskkosh (NYSE: OSK) on our list of open recommendations. We dropped OSK on 5-Dec with an 18.8% gain and + 1150 bps versus the S&P-500...CMI falls into the group of names trading in the bottom 15% on Relative Strength that I am looking for a rebound on in 2012-2013. RS < 20 usually signals a situation where a name was oversold on bad news and an upside surprise is not being priced in. I do have concerns with this name, mainly that CMI is levered to China, India and economic growth worldwide. That being said, CMI is trading $33 (28%) off its $120 high from May 1 and well below what we see as $110 fair value looking out to 2013. CMI does business in more than 100 countries and sales from outside the U.S. represents nearly two-thirds of its revenue."
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 $86.83 yesterday.
Standpoint analyst, Ronnie Moas, said, "CMI is in effect replacing Oskkosh (NYSE: OSK) on our list of open recommendations. We dropped OSK on 5-Dec with an 18.8% gain and + 1150 bps versus the S&P-500...CMI falls into the group of names trading in the bottom 15% on Relative Strength that I am looking for a rebound on in 2012-2013. RS < 20 usually signals a situation where a name was oversold on bad news and an upside surprise is not being priced in. I do have concerns with this name, mainly that CMI is levered to China, India and economic growth worldwide. That being said, CMI is trading $33 (28%) off its $120 high from May 1 and well below what we see as $110 fair value looking out to 2013. CMI does business in more than 100 countries and sales from outside the U.S. represents nearly two-thirds of its revenue."
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 $86.83 yesterday.
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