Cummins price target lowered to $288 from $290 at Credit Suisse

Credit Suisse analyst Jamie Cook lowered the firm’s price target on Cummins to $288 from $290 and keeps an Outperform rating on the shares. Cummins missed consensus estimates for Q2 by about 1% while maintaining guidance for FY23, the analyst tells investors in a research note. Relative to peers, Cummins remains slightly more cautious on the macro with aftermarket softening off high levels and expects some shutdowns in fourth quarter positioning for 2024.