Cummins price target raised to $380 from $342 at Truist

Truist raised the firm’s price target on Cummins (CMI) to $380 from $342 but keeps a Hold rating on the shares after its Q2 earnings beat. The performance in the quarter was impressive across the portfolio with the two standouts being Power Systems and Distribution, the analyst tells investors in a research note. The firm adds however that the market continues to be burdened by low spot rates, high interest rates, slowing consumer spend, regulation uncertainty, and rising truck prices.