Goldman Sachs Maintains CL-Buy on Cummins (CMI)
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Price: $587.68 -0.57%
Rating Summary:
15 Buy, 20 Hold, 2 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 20 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs maintained a Conviction Buy on Cummins (NYSE: CMI) with a modified price target of $141.00 (from $140.00). Analyst Jerry Revich noted improved cost control in the second quarter and a shift toward new products.
"We reiterate our CL-Buy on CMI driven by a $1 bn new product cycle in CMI's highest margin business in 2014 that we expect to drive significant upside to consensus in an uneven end market recovery. We raise our 2013-15 EPS by an average of 2% as the quarter revealed meaningfully higher Engine profitability despite continued mix headwinds, a high returns Distribution acquisition, and improving Power Generation cost control where warranty issues are starting to abate. 2Q takeaways follow," said Revich.
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 $118.23 yesterday.
"We reiterate our CL-Buy on CMI driven by a $1 bn new product cycle in CMI's highest margin business in 2014 that we expect to drive significant upside to consensus in an uneven end market recovery. We raise our 2013-15 EPS by an average of 2% as the quarter revealed meaningfully higher Engine profitability despite continued mix headwinds, a high returns Distribution acquisition, and improving Power Generation cost control where warranty issues are starting to abate. 2Q takeaways follow," said Revich.
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 $118.23 yesterday.
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