UPDATE: Credit Suisse Raises Target to $147 on Cummins

Credit Suisse maintains its Outperform rating on Cummins (NYSE: CMI) and raises its price target by $25 to $147 a share on already-strong 2012 performance after beating consunsus and EPS guidance ahead of market expectations.

Credit Suisse says, "We believe CMI regained credibility lost following a soft third quarter. More important, the guide for 2012 was strong enough to make CMI's longer term 2015 financial targets, which implies $15-$20 of earnings power is reasonable. We raise our FY 2012-2013 EPS to $10.45 and $12.25 (from $9.80 and $10.70), respectively."

CMI closed at $113.31 a share on Thursday.