Westport takeover by CMI highly unlikely, says JPMorgan JPMorgan says shares of Westport Innovations (WPRT) rallied Friday on a report that Cummins (CMI) is looking to acquire the company at $42 per share. The firm views a potential deal as highly unlikely and says the $42 per share price makes little sense. JPMorgan keeps a Neutral rating on shares of Westport.
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.