BUZZ-Truist raises PT on Cummins after Q1 profit beats estimate

Reuters
05-06
BUZZ-Truist raises PT on Cummins after Q1 profit beats estimate

** Truist Securities raises price target on truck-engine maker Cummins CMI.N to $342 from $338, an upside of 13% to the stock's last close

** Reiterates "hold" rating on the stock

** Says beat on EPS was driven by margins in power systems, engines and distribution

** "CMI has already done some mitigation through inventory strategies for regions with higher tariffs"- brokerage

** Brokerage states co sees biggest risk in the engine and component segments and less so in power system management segments, given backlog and secular tailwinds

** Co announced earnings on Monday

** 8 of 24 brokerages rate the stock "buy" or higher, 15 "hold" and 1 "sell" or lower; their median PT is $346 - LSEG

** As of last close, stock had fallen 13% YTD

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.com))

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