Jefferies reiterated its Buy rating on Cummins CMI and reduced its price target from $136 to $124.
Jefferies noted, "CMI's revision of its outlook from +10% to flat revenue growth for 2012 should be analyzed more for its read-through to other companies than a commentary on the long-term prospects of CMI itself, which raised its dividend 25% in the same announcement. We view this as more of a barometer of the lack of growth relative to expectations in the BRIC countries for multi-national industrial companies."
Cummins closed at $86.91 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in