Cummins price target raised to $600 from $450 at Morgan Stanley

Morgan Stanley analyst Angel Castillo raised the firm’s price target on Cummins (CMI) to $600 from $450 and keeps an Overweight rating on the shares. The company reported another strong Q3 beat in spite of a recessionary truck equipment market, the analyst tells investors in a research note. The firm added that it sees a number of catalysts, including an imminent capacity expansion announcement, for continued stock performance ahead.