In a report released today, Noah Kaye from Oppenheimer maintained a Hold rating on Cummins (CMI). The company’s shares closed yesterday at $160.55.
Kaye wrote:
“We recently held a call with Cummins CEO Tom Linebarger to discuss the company’s Electrification strategy. Our discussion focus included: (1) investment spending priorities/ROI expectations for the Electrification segment; (2) target applications and markets; and (3) Cummins’ competitive position in EVs. We view Cummins as taking a phased approach to electrification, targeting specific short-haul markets with modest share gain opportunities, while building core technology and manufacturing competencies. Over our investment horizon, this likely translates to limited financial returns, but could provide optionality on future EV adoption in larger verticals.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 6.6% and a 56.4% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, Caterpillar, and BorgWarner.
Currently, the analyst consensus on Cummins is a Moderate Buy with an average price target of $171.57.
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The company has a one-year high of $172.08 and a one-year low of $124.40. Currently, Cummins has an average volume of 1.41M.
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Cummins, Inc. engages in the design, manufacture, sale and service of diesel and natural gas engines and powertrain-related technologies, including fuel systems, controls, air handing, filtration, emission, solutions and electrical power generation systems. It operates through the following segments: Engine, Distribution, Components and Power Generation.
