Northland upgraded Atmus Filtration (ATMU) to Outperform from Market Perform with a $34 price target after Cummins (CMI) accepted an aggregate of 5,574,051 shares of Cummins common stock in exchange for 67,054,719 shares of Atmus common stock. The share exchange overhang is now lifted and the firm thinks investors are starting to realize Atmus’ business resiliency, margin expansion opportunities, and growth initiatives, the analyst tells investors. The firm thinks Atmus is well positioned to “meet and eventually exceed” higher expectations, the analyst added.
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