Baird Downgrades Cummins (CMI) to Neutral
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October 28, 2015 6:47 AM EDT
Morgan Stanley downgraded Cummins (NYSE: CMI) from Equalweight to Underweight with a price target of $79.00 (from $112.00).
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 $102.35 yesterday.
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October 27, 2015 7:40 AM EDT
Cummins (NYSE: CMI) reported Q3 EPS of $2.14, $0.46 worse than the analyst estimate of $2.60. Revenue for the quarter came in at $4.62 billion versus the consensus estimate of $4.91 billion.
Cummins also announced restructuring and cost reduction actions to respond to a slowdown in global markets and lowered its outlook for 2015. The Company expects to reduce its professional workforce by up to 2,000 people, with the majority completed by the end of this year. These actions are expected to deliver annualized savings in the range of $160 million to $200 million and the Company will record pre-tax costs of... More
