(CMI) Cummins Incorporated – Bull of the Day

Cummins Inc. (CMI) is set to benefit from fuel economy improvements, new emission standards and increased prices. The company’s results improved significantly in the most recent quarter, driven by the truck market recovery in North America and continued strength in non-U.S. markets.

Earnings exceeded the Zacks Consensus Estimate by $0.31 per share during the quarter. Furthermore, Cummins raised its EBIT guidance for 2011 based on higher profits in the first quarter of 2011.

These factors have led us to maintain our Outperform recommendation. Shares of Cummins are currently trading at 13.1X our 2011 EPS estimate of $7.87. Our $132 target price, 16.8X 2011 EPS, reflects this recommendation.

CUMMINS INC (CMI): Free Stock Analysis Report

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