Cummins price target raised to $696 from $573 at Argus

Argus analyst Bill Selesky raised the firm’s price target on Cummins (CMI) to $696 from $573 and keeps a Buy rating on the shares. Cummins should benefit long-term from strong demand for its products from truck and machinery manufacturers, driven in part by infrastructure development in emerging markets, the analyst tells investors in a research note. Argus believes growth within the Power Segment will continue and that the company will “manage through” recent tariff costs and trade disruptions.