On April 29th, Cummins reported earnings that saw them beat on both revenue and earnings. In the aftermath of the earnings report, we saw Cummins surpass our price target of $151. While our investment thesis still holds true for the company, it is trading at a valuation that is proving to be unfavorable after modeling in recent segmented data into our projections. The company will be monitored closely in the near future to see if the valuation turns to something where an appropriate upside could warrant us to buy back in.
No comments:
Post a Comment