UPDATE: Citigroup Raises PT on Cummins Following Raised EPS Estimate

In a report published Wednesday, Citigroup analyst Timothy Thein reiterated a Buy rating on Cummins (NYSE: CMI), and raised the price target from $125.00 to $135.00.

In the report, Citigroup noted, “Our 2013 EPS estimate is raised to $8.10 (from $7.80) as we adjust for the 2Q upside surprise (which came entirely from the operating segments), and a slight downward adjustment to our 2H13 tax rate assumption. Despite the higher '13 earnings base, our out-year estimates are essentially unchanged, as we incorporate Citi's lower EM macro growth rates. We still project double-digit EPS growth in '14 and '15; Buy.”

Cummins closed on Tuesday at $118.23.