Shares of Cummins (CMI) are soaring 6.35% in pre-market trading on Monday, following an optimistic adjustment from Citigroup analysts. The surge comes as Citigroup raised its price target for the company from $320 to $350, while maintaining a Buy rating on the stock.
The upward revision in Cummins' price target reflects growing confidence in the company's prospects. Citigroup's new target of $350 aligns closely with the mean price target of $351.67 set by analysts polled by FactSet, suggesting a broader positive sentiment towards the stock among financial experts.
Despite the pre-market rally and Citigroup's bullish stance, it's worth noting that the average rating for Cummins stock remains at Hold, according to FactSet's analyst poll. Investors appear to be reacting positively to the increased price target, viewing it as a signal of potential upside for the industrial equipment manufacturer. As the market opens, it will be interesting to see if Cummins can maintain this momentum throughout the trading session.
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