Cummins price target lowered to $320 from $360 at Citi

Citi lowered the firm’s price target on Cummins (CMI) to $320 from $360 and keeps a Buy rating on the shares as part of a Q1 earnings preview for U.S. machinery. The firm reduced estimates across the board given the view that the U.S. capex outlook is most at risk from Trump administration’s tariffs. Citi anticipates the Trump administration’s tariffs to negatively impact U.S. farmers’ exports and profits, likely extending the agriculture downcycle in North America.