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Fly News Breaks for October 17, 2018
CMI
Oct 17, 2018 | 16:30 EDT
Loop Capital analyst Jeffrey Kauffman initiated Cummins with a Buy rating and a price target of $170, saying the company is a "truly unique story" in the equipment industry that represents a "global secular theme across industrial, power and construction end markets." The analyst notes that the global demand cycle is being reset given the "new emerging energy requirements". Kauffman also points to Cummins' attractive relative valuation given the recent retreat in the stock price to track other North American cyclical truck OEMs.
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