Cummins price target raised to $435 from $410 at Jefferies

Jefferies analyst Stephen Volkmann raised the firm’s price target on Cummins (CMI) to $435 from $410 and keeps a Buy rating on the shares as part of a broader research note previewing 2025 for the Machinery and Industrial sector. Approaching 2025, the landscape has changed as the markets have turned more bullish on industrial trends and with valuations near the high end of historical highs, the firm has to be “increasingly selective”, Jefferies states. With the slowing in EV trends, Cummins’ “diesel discount” has faded a bit but could go further, the firm notes, also forecasting that the company will do well if it is correct in its forecast that overall economic growth accelerates.