Cummins is a Top Idea for 2013 at RW Baird Baird recommends adding to positions in Cummins and called it a Top Idea in Global Commercial Vehicles. The firm raised its price target to $132 from $119 citing improving investor sentiment, potential for demand recovery, and a rebound in second half 2013 earnings. Shares are Outperform rated.
Cummins upgraded at RW Baird Baird upgraded Cummins to Outperform from Neutral and raised its price target to $166 from $155. The firm said expectations have been reset and the company is poised to deliver steady earnings growth and shareholder returns. Baird believes the North American truck cycle can last longer and at higher levels than consensus expectations and thinks Cummins' stable cash flow will likely continue to enhance shareholder value.