Cummins price target raised to $319 from $303 at Truist

Truist raised the firm’s price target on Cummins to $319 from $303 and keeps a Hold rating on the shares after its Q1 results. The company’s distribution margins were slightly lower but expected to improve throughout the year, and its gross margins improved 50bps to 24.5% as Cummins turns the corner on more favorable pricing and operational improvements, in particular with Power Systems, the analyst tells investors in a research note.