Cummins Inc. Initiated With Buy (CMI)

Morgan Joseph Initiated Cummins Inc. (NYSE: CMI) with a Buy rating this morning and set their price target at $75.

The firm believes that as the global economy pulls itself out of the recession, earnings could reach $3.30 per share in 2011. The company notes that CMI's all-time record EPS was $3.84 in 2008.

Cummins is a diversified industrial company that makes diesel and natural gas engines, electric power generation systems, and engine-related components.

Shares closed Wednesday's session at $61.95 and are set to open higher today by 60 cents, or 1%, to $62.55.