Jefferies Raises Price Target On Cummins (CMI) to $130

Jefferies raised estimate and its price target on Buy-rated Cummins (NYSE: CMI) from $115 to $130 following strong Q4 results.

The firm comments, "CMI reported ex-item EPS of $2.56, above consensus of ~$2.25. Revenue was strong, but margins were a bit light for EBIT in line. 2012 guidance for growth and margins in line, although EPS higher than expected. We maintain our BUY rating and raise our PT to $130."

The firm raised FY12 EPS from $10 to $10.50 and FY13 from $12.25 to $12.50.

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 $113.31 yesterday.

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