Raymond James Raises its Price Target on Cummins (CMI)

Cummins Inc. (NYSE:CMI) is one of the 10 Best Data Center Stocks with Huge Upside Potential.

On May 26, 2026, Raymond James raised the firm’s price target on Cummins Inc. (NYSE:CMI) to $745 from $675 and maintained an Outperform rating on the shares. Raymond James cited stronger long-term growth assumptions, saying the prior $45B-$50B 2030 revenue outlook appears conservative given a weaker starting base, implying greater upside potential than previously reflected in expectations.

Cummins Inc. (NYSE:CMI)’s leadership team shared plans with analysts and shareholders to raise the company’s long-term financial expectations for growth and profitability relative to its prior Analyst Day. Chair and CEO Jennifer Rumsey said Cummins has navigated complexity while continuing to execute with discipline, adding that the company is raising its 2030 financial targets. CFO Mark Smith said Cummins is raising expectations for revenue growth and margin expansion, supported by opportunities across businesses and regions.

Raymond James Raises its Price Target on Cummins (CMI)

Photo by ThisisEngineering on Unsplash

Earlier in the month, Cummins Inc. (NYSE:CMI) reported Q1 EPS of $4.71, versus the consensus estimate of $5.55. Revenue totaled $8.4B, above the consensus estimate of $8.37B. The quarter included charges related to the sale of its low-pressure fuel cell business of $199 million, or $1.44 per diluted share. Rumsey said Cummins delivered “strong results” in the first quarter, led by record performance in Power Systems, and cited strong demand for data center backup power and improving North America truck markets.

Cummins Inc. (NYSE:CMI) offers power solutions worldwide through its Engine, Distribution, Components, Power Systems, and Accelera segments.

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