UPDATE: Jefferies & Company Lowers PT on Cummins from $130 to $100
Jefferies & Company reiterates a Buy rating on Cummins (NYSE: CMI) and lowers its price target from $130 to $100.
Jefferies notes, “CMI announced it now expects full year 2012 revenue to be flat y/y, down from previous guidance of 10% sales growth in 1Q. 2Q12 revenue is expected to be ~$4.45 billion, well below consensus of ~$5.1 bln. Our 2012 EPS goes to $9.00 from $10.65 and we lower our PT to $100 from $130.”
Cummins closed at $86.91 on Tuesday.
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