Evercore ISI said that despite a sales beat, margins continue to struggle at Cummins as most Machinery names continue to post record profitability and the firm expects a negative stock reaction to the company’s Q4 report. The firm, which adds that initial 2024 guidance has revenues slightly below consensus and implied EPS by its calculation of $17.75-$18.25, which would be down 7%-9% year-over-year and “well below” consensus at $19.36, has an In Line rating and $231 price target on Cummins shares.
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