BMO Capital has upgraded diesel engine manufacturer, Cummins Inc.(CMI) to “Outperform” Thursday.
The firm reported that they have upgraded CMI from “Market Perform” to “Outperform,” and have given the company a $120 price target. This price target suggests a 17.8% increase over the stock’s current price of $98.54.
The upgrade is due to growth appearing to stabilize globally.
Cummins shares were mostly flat during Thursday morning trading. The stock is up 11.83% YTD.
The Bottom Line
Shares of Cummins Inc. (CMI) have a 2.04% dividend yield, based on last night’s closing stock price of $98.10. The stock has technical support in the $90-$91 price area. If the shares can firm up, we see overhead resistance around the $103-$105 price levels.
Cummins Inc.(CMI)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.