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Benzinga

Business

Akanksha Bakshi

UBS Downgrades Cummins, Cuts Price Target by 18%

UBS CMI North America Cummins Inc NYSE

UBS downgraded Cummins Inc (NYSE:CMI) to Neutral from Buy and reduced the price target to $214 (an upside of 5%) from $260.
Analyst Steven Fisher mentions that the North America truck cycle will peak in 2023, with North America trucker profitability expected to peak in 2022 and new emissions regulations in 2024 pushing a pre-buy.
The analyst thinks that the stock's risk/reward is relatively balanced in the nearer term.
Price Action: CMI shares are trading lower by 1.04% at $203.27 on the last check Friday.

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