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In a report published Wednesday, Stifel analyst Michael Baudendistel initiated coverage on
Cummins Inc.CMI with a Buy rating and $160.00 price target.
In the report, Stifel noted, “We are initiating coverage of Cummins Inc. with a Buy rating on the company's common shares. We are establishing a 12-month target price of $160 (or 13.0x our 2016 EPS estimate of $12.30) that provides 18% potential upside relative to Monday's closing price, and 20% potential upside after including the company's dividend yield, which is sufficient for a Buy rating under the Stifel rating system.”
Cummins Inc. closed on Tuesday at $136.13.
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