Cummins rises after Truist upgrades to 'buy' on growing optimism
Truist Securities upgrades industrial and automotive engine maker Cummins CMI.N to "buy" from "hold"; raises PT to $628 from $522, a 32.9% upside on the stock's last close
Shares of U.S. truck engine maker Cummins CMI.N rise almost 3.1% to $484.17 in morning trading
Brokerage believes CMI offers best of both worlds, with commercial vehicle business at a cyclical bottom, and tailwinds in power business
"We believe CMI will revisit its Power System targets with upward revisions on sales and margins given CMI is achieving targets ahead of schedule, providing another positive catalyst for the stock" - Truist Securities
11 of 23 brokerages rate stock "buy" or higher, 11 "hold", and one "sell"; their median PT is $502.26 - data compiled by LSEG
Including session's moves, CMI stock is up ~39.8% YTD
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