Cummins upgraded to Outperform from Market Perform at Wells Fargo Wells Fargo upgraded Cummins citing expectations for a positive inflection in end market demand and the company's above market growth. Wells raised its price target range for shares to $168-$171 from $133-$136.
Wells says Daimler decision to make engines negative for Cummins Wells Fargo says Daimler's (DDAIF) announced intention to begin producing medium truck engines for its North American applications beginning in early 2016 is a negative for Cummins (CMI). Wells believes Daimler's decision is a threat to Cummins' supply relationship with Daimler's North American truck business. The firm estimates Cummins realized 45K engines and after-treatment systems to Daimler's North American Class 6-7 truck business over the twelve months ending August 2014. It has a Market Perform rating on the stock.