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Actionable news in CMI: CumMINS Inc,

Cummins' Big Downgrade: Why Buckingham Pulled The Trigger

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Buckingham Research downgraded Cummins Inc. CMI 1.34% shares to Neutral from Buy on Wednesday, saying the engine maker's end markets are likely to be in retreat overall for the next two years. The brokerage also believes that CMI will be losing a couple hundred basis point of share in the North American truck markets.

"With key new products at least 1-2 years away, the shares lack a catalyst for EPS improvement, and cost cutting and share repurchase are not enough to drive a higher valuation in our view," analyst Jeffrey Kauffman wrote in a note to clients.

Kauffman, who also reduced the price target on CMI shares to $95 from...


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