Goldman Sachs Upgrades Cummins Inc. to "Conviction Buy" (CMI)

Goldman Sachs Upgrades Cummins Inc. to “Conviction Buy” (CMI)


Early on Monday, analysts at Goldman Sachs upgraded diesel engines maker Cummins Inc. (CMI) ahead of a new and upcoming $1 billion product cycle.

The analysts upgraded CMI from “Buy” to “Conviction Buy” with a price target of $144. This target suggests a 28% upside to Friday’s closing price of $112.79.

Goldman Sachs cited a few factors as the reason for the upgrade. For one, the new $1 billion product cycle has the potential to add $1 EPS upside to current estimates. Secondly, the global trucking business is seen to be in the cyclical recovery stage of its industry. And third, the current trucking and off-highway engine markets have the potential for tremendous upside.

Cummins shares were up $2.31, or +2.05%, during pre-market trading on Monday. The stock is down -7.38% over the past year.

The Bottom Line
Shares of Cummins Inc. (CMI) have a dividend yield of 1.77% based on Friday’s closing price of $112.79 and the company’s annualized dividend payout of $2.00 per share.

Cummins Inc. (CMI) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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