Cummins upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded Cummins (CMI) to Overweight from Equal Weight with a price target of $546, up from $515. The firm adjusted ratings in the machinery and construction group as part of its 2026 outlook. Barclays maintains a positive outlook for the sector heading into 2026, expecting modest share gains after several years of strong performance. It prefers machinery and rental companies due to cyclical and macroeconomic factors. The upgrade of Cummins reflects the new emissions rules in 2027 pushing forward, the company’s research and development expenses coming down, and power generation bridging its earnings gap.