Cummins price target raised to $415 from $375 at Citi

Citi analyst Kyle Menges raised the firm’s price target on Cummins (CMI) to $415 from $375 and keeps a Buy rating on the shares. The firm updated its commercial vehicle models and introduced 2027 estimates. Citi anticipates an EPA’27 pre-buy to drive North America class 8 builds of 350,000 units in 2026, but says a pre-buy hangover will result in builds of just 235,000 in 2027. A likely 10%-15% increase in the cost of a MY27 tractor sleeper provides some offset, but the magnitude of decline in volumes is a lot for companies to overcome, the analyst tells investors in a research note.