Wells Fargo & Co. Cuts Cummins to Market Perform (CMI)

By admin | 6 years ago

Cummins (NYSE: CMI) was downgraded by Wells Fargo & Co. (NYSE: WFC) from an “outperform” rating to a “market perform” rating in a research note issued on Monday.

Other equities research analysts have also recently issued reports about the stock. Analysts at Standpoint Research upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note to investors on Thursday, May 17th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Cummins in a research note to investors on Thursday, May 3rd. They now have a $117.00 price target on the stock. Finally, analysts at Credit Suisse (NYSE: CS) cut their price target on shares of Cummins to $146.00 in a research note to investors on Wednesday, May 2nd.

Cummins traded down 0.43% on Monday, hitting $91.29. Cummins has a 1-year low of $79.53 and a 1-year high of $129.51. The company has a market cap of $17.391 billion and a price-to-earnings ratio of 8.99.

Cummins last released its earnings data on Tuesday, May 1st. The company reported $2.38 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.20 by $0.18. The company’s quarterly revenue was up 15.9% on a year-over-year basis. Analysts expect that Cummins will post $2.66 EPS next quarter.

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines, electric power generation systems and engine-related component products, including filtration, exhaust aftertreatment, fuel systems, controls and air handling systems.

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