UBS upgraded Cummins (CMI) to Neutral from Sell with a price target of $500, up from $350. The truck cycle is bottoming in 2026 and the stock’s risk/reward is now more balanced, the analyst tells investors in a research note. UBS still sees downside risk to consensus estimates for Cummins’ engine and components units in the first half of 2026, but it thinks this could be offset by further upside in power generation.
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