Citi raised the firm’s price target on Cummins (CMI) to $435 from $415 and keeps a Buy rating on the shares. The firm updated estimates, price targets, and ratings to coincide with its 2025 machinery outlook. Citi’s top picks include companies for which it has the highest degree of confidence in long-term earnings growth and/or self-help catalysts. It thinks caution is warranted heading into 2025, saying moderating inflation is not necessarily good for machinery.
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