Cummins price target raised to $372 from $330 at Baird

Baird analyst Luke Junk raised the firm’s price target on Cummins (CMI) to $372 from $330 and keeps a Neutral rating on the shares. The firm said they reported 3Q24 results that were above expectations and increasing full-year EBITDA guidance. Baird said they like the company’s fundamental positioning to navigate near-term heavy-duty truck weakness, but are now pushing their valuation framework to high-end of historical ranges.