UPDATE: Morgan Stanley Initiates Cummins at Equal-Weight on Valuation and Growth Outlook

Morgan Stanley initiated its coverage on Cummins CMI with an Equal-weight rating in the face of a weak demand outlook. Morgan Stanley commented, "Cummins is a high-quality engine OEM likely to take share. Our North American truck forecasts along with those of our international colleagues paint an underwhelming demand picture, however, and we believe CMI's growth may disappoint as a result. Valuation is appropriate and we initiate at EW." Cummins closed at $101.31 on Friday.