Truist raises Cummins’ price target by $86 to $901, citing robust demand trends and secular growth in power and data centers.
Truist increased its price target for Cummins Inc. (NYSE:CMI) to $901 from $815 while maintaining a Buy rating. The adjustment reflects a positive outlook for Q2 earnings, driven by strong demand in power, data centers, aerospace, defense, and infrastructure sectors.
Prior to this, Wells Fargo raised its target to $874 from $794 on June 17, citing an early power award for data centers. UBS also upgraded Cummins to Buy on June 8, lifting its target to $850 from $565, highlighting growth in power and truck markets.
The firm’s estimates suggest consensus may underestimate Cummins’ upside potential amid a supportive truck cycle and expanding power solutions.