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Fly News Breaks for July 10, 2018
CMI
Jul 10, 2018 | 07:50 EDT
As previously reported, Stifel analyst Michael Baudendistel upgraded Cummins to Buy from Hold, stating that shares of truck equipment companies have been under pressure primarily on concerns that the cycle is at a peak. However, Baudendistel holds a "stronger for longer" view on the truck equipment market, mainly due to robust freight rates, he tells investors. Additionly, Baudendistel highlights Cummins' potential to utilize its balance sheet to complete one or more transformative acquisitions. Given that the company's end markets are generally at higher than average points in their respective cycles, he lowered his price target on Cummins shares, however, to $160 from $174.
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