As previously reported, BofA analyst Michael Feniger downgraded Cummins to Underperform from Neutral with a price target of $225, down from $243. Consensus forecasts flattish EPS in 2024 versus a decline for peers and while Cummins has tailwinds, the firm expects North American truck production to fall by double-digits in 2024, the analyst tells investors. The firm also cites the company’s long-term investment needs and rising caution about the hydrogen ecosystem in its downgrade.
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