Robert Baird Initiates Coverage of Cummins (CMI)

Robert Baird & Co. reported on Wednesday that they have initiated coverage of diesel engine manufacturer, Cummins Inc.(CMI).

The firm announced they have begun coverage of CMI, giving the coming an “Outperform” rating, and a price target of $119. This price target suggests an 18% increase from the stock’s current price of $97.61.

Analysts expect truck orders to increase in 2013, which will result in growth within the company.

Cummins shares were mostly flat during premarket trading Wednesday. The stock is up 10.55% YTD.

The Bottom Line
Shares of Cummins Inc. (CMI) have a 2.06% dividend yield, based on last night’s closing stock price of $97.31. The stock has technical support in the $90-$92 price area. If the shares can firm up, we see overhead resistance around the $102-$103 price levels.

Cummins Inc.(CMI)is not recommended at this time, holding a 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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