UPDATE: Credit Suisse Reduces PT to $136 on Cummins on Near-Term Macro Uncertainty

Credit Suisse reiterates its Outperform rating on Cummins

and lowers its price target from $146 to $136. Credit Suisse notes, "Areas of near term concern include US Truck, China construction, NA Power Generation, as well as Brazil and India to some degree. Mining, aftermarket and distribution were all noted as strong and the Dodge Ram business continues to be a bright spot. Mgmt is evaluating future cap ex plans (although don't expect any material changes that would impact 2015 targets) and looking closely at discretionary costs like travel. Last, there appears to be no short term offsets to 2012 (e.g. mat costs or market share)." CMI closed at $94.36 on Monday.