UPDATE: Credit Suisse Lowers PT to $146 on Cummins; In-Line Guide Dissapoints

Credit Suisse reiterates its Outperform rating on Cummins

and lowers its price target from $147 to $146. Credit Suisse says, "CMI's stock fell 3.6% on a solid beat, but the street was disappointed on a fairly in-line guide operationally (sales up 10% and margin guidance of 14.5-15% unchanged). CMI tempered outlook on China truck and construction with recovery pushed out to latter 2H and a more meaningful cut to Brazilian truck (now forecast at 171k vs 201k). This should NOT be too surprising given commentary from most other industrials like CAT." CMI closed at $111.14 on Tuesday.