Cummins downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Cummins (CMI) to Peer Perform from Outperform and removed the firm’s prior $540 price target on the shares. Cummins has materially outperformed the past two years and while the firm still sees an improving fundamental backdrop and expects strong EPS growth the next two years, it is lowering its rating given more balanced risk/reward in what the analyst calls “more of a valuation downgrade than anything else.”