Barclays upgrades Cummins rating to "overweight"; shares rise

Barclays upgrades industrial and automotive engine maker Cummins' CMI.N rating to "overweight" from "equal-weight"; raises price target to $546 from $515

New PT represents an upside of 9.1% from stock's last close

Shares of CMI rise nearly 1.5% to about $508.2

Barclays expects upcoming U.S. Environmental Protection Agency (EPA) 2027 emissions regulations to create demand for new engines and trucks that meet stricter standards, benefiting Cummins

Adds that CMI can sustain earnings through its power segment while benefiting from lower R&D costs until the next major truck and engine cycle begins

Twelve of 23 brokerages rate the stock "buy" or higher and 11 "hold"; their median PT is $522.3, according to data compiled by LSEG

Including session's moves, shares up 45.8% YTD