November 08, 2012 at 10:09 AM EST
Cummins Upgraded at BMO Capital (CMI)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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