Citi Reiterates Buy Rating on Cummins (CMI)

Citi analyst Kyle Menges reiterated a Buy rating and $330.00 price target on Cummins (NYSE: CMI).

The analyst comments "We spent time with CMI in Columbus, IN yesterday (8/20), including meetings with Mark Smith (CFO), Brett Merritt (President, Engine Business) and IR and toured its mid-range engine plant (6.7L engines for Stellantis and Daimler). The visit bolstered our conviction in our positive 2025 outlook for CMI, led by Power Systems / Power Gen growth / resilient NA MD demand / China recovery / price>cost. Management generally agreed with ACT’s HD 2025 outlook (-11% y/y), but thinks MD will be more resilient in 2025 than what ACT is forecasting (ACT forecasting MD -11% y/y). 2026 is anticipated to be a solid growth year for CMI driven by the EPA’27 pre-buy. We will be attending ACT’s annual seminar this week where we expect to gain more perspective on the NA Commercial Vehicle Outlook."

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 $300.31 yesterday.

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