Robert Baird Initiates Coverage of Cummins (CMI)


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Robert Baird & Co. reported on Wednesday that they have initiated coverage of diesel engine manufacturer, Cummins Inc.( CMI ).

The firm announced they have begun coverage of CMI, giving the coming an "Outperform" rating, and a price target of $119. This price target suggests an 18% increase from the stock's current price of $97.61.

Analysts expect truck orders to increase in 2013, which will result in growth within the company.

Cummins shares were mostly flat during premarket trading Wednesday. The stock is up 10.55% YTD.

The Bottom Line
Shares of Cummins Inc. ( CMI ) have a 2.06% dividend yield, based on last night's closing stock price of $97.31. The stock has technical support in the $90-$92 price area. If the shares can firm up, we see overhead resistance around the $102-$103 price levels.

Cummins Inc.( CMI )is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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