UPDATE: Jefferies Downgrades Cummins to Hold on Valuation

Jefferies downgraded Cummins Inc.

from Buy to Hold and maintained a $105.00 price target. Jefferies said, "CMI shares are up 30% from Oct lows and are just 10% below all time highs. The shares are trading towards the upper end of the historical ranges based on 2013 Consensus, which already calls for a healthy re-acceleration of growth from 2H12 levels. Longer term, we view CMI as a core holding." Cummins closed at $112.44 on Thursday.