Raymond James analyst Felix Boeschen initiated coverage of Cummins with a Market Perform rating. In a research note to investors, Boeschen says that while he admires Cummins' position as a global power leader with dominant market share across a host of end-markets, strong free cash generation and a seasoned management team, several end-markets are posing cyclical headwinds and shares are trading toward the higher end of his coverage at ~13x his 2021 EPS estimate. Longer term, he views Cummins uniquely positioned to capitalize on stricter global emission standards via market share gains and/ or content additions, and says he believes Cummins' role in alternative powertrains remains underappreciated.