Citigroup Cuts Cummins (CMI) Price Target to $630

Citigroup has reiterated its Buy rating on Cummins Inc. while lowering its price target to $630, a 18.45% upside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 2:04 PM EDT

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Citigroup cut its price target on Cummins Inc. ($CMI) to $630 from $790 on October 12, 2026, and rates the stock "Buy".

Since the rating, $CMI is up 0.7% to date (from the $527.86 close on Oct 12, 2026).

CMI Cummins Inc.

$531.33 +2.83% year to date

Daily close · Oct 16, 2026

Key Points

On October 12, 2026, Citigroup reiterated its Buy rating on Cummins Inc. (NYSE: CMI) and lowered its price target from $790 to $630.
Citigroup's $630 price target implies 18.45% upside from Cummins Inc.'s ($CMI) current $531.87 share price.
As of October 16, 2026, Cummins shares are trading around $531.87, which is 15.6% below Citigroup's new target.
Cummins has a strong financial profile, with a trailing twelve-month revenue of $34.7 billion and a net margin of 7.8%.

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Citigroup has reiterated its Buy rating on Cummins Inc. (NYSE: CMI) and lowered its price target from $790 to $630 on October 12, 2026. This adjustment comes as the company continues to navigate a fluctuating market landscape.

Other Institutional Activity in Cummins Inc.

Blackrock Inc. trimmed its holdings by 332,587 shares, ending with 11,503,261 shares valued at about $6.11 billion. Vanguard Capital Management LLC added 34,110 shares, bringing its total to 9,010,359 shares worth approximately $4.79 billion. Vanguard Portfolio Management LLC also increased its stake by 36,741 shares, totaling 7,534,991 shares valued at around $4.00 billion. State Street Corporation grew its position by 101,431 shares, now holding 6,908,874 shares worth about $3.67 billion. FMR, LLC expanded its holdings by 657,397 shares, totaling 6,085,944 shares valued at approximately $3.23 billion.

Cummins Inc. Stock Down 0.2%

Cummins shares recently traded around $531.87 as of October 16, 2026. This price is 15.6% below Citigroup's new target of $630. The stock is currently facing downward pressure, making it a crucial time for investors to watch for potential developments.

12-month forecast

$CMI price target

Cummins Inc. daily closes and this analyst's $630 target. Not advice.

Recent Earnings

Cummins reported trailing twelve-month revenue of $34.7 billion, with an earnings per share (EPS) of $19.59. The company has shown a revenue growth of 9.4% year-over-year and a return on equity (ROE) of 21.1%. The next earnings report is scheduled for November 5, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B- 68/100

Reported May 5, 2026

Forward outlook
7 analysts raised price targets.
EPS & revenue
EPS beat estimates by 9.0%. Revenue met estimates.
Profit surprise
EBITDA missed by 39 percent. Operating income missed by 16 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
7 target raises.
Earnings quality
Operating margin down 2.6 points. Positive free cash flow.

Earnings Call Summary

The quarter delivered $8.4 billion in revenue, up 3 percent year over year, with power generation strong but North America trucks still weak at the start. Management highlighted a major hybrid mining truck deployment in Chile and progress on new 2027 engines. They sold the low-pressure fuel cell business to Alstom, cutting future losses in the Accelera division. The strong finish to the quarter and improving orders lead management to expect the year to be much better, with better momentum in trucks and accelerating data center buildouts globally.

Guidance Cummins raised its full year revenue forecast to grow 8 to 11 percent, up from 3 to 8 percent prior. The company expects power generation revenue to jump 15 to 25 percent, driven by strong data center demand globally. North America truck production is forecast at 230,000 to 250,000 units for heavy-duty and 125,000 to 135,000 units for medium-duty, higher than previous expectations.

Slightly positive report. The quarter was acceptable, but the forward setup is not strong.

Insider Buying and Selling at Cummins Inc.

Insider transactions include Nathan R. Stoner, an officer, who sold 607 shares on May 11, 2026, valued at $421,294. Jennifer Mary Bush, another officer, sold 5,000 shares on May 12, 2026, totaling $3,481,066. Donald G. Jackson also sold 730 shares on May 14, 2026, valued at $518,975. Earl Newsome Jr., the Chief Technology Officer, sold 698 shares on August 24, 2026, for $399,410. All transactions occurred before the recent analyst ratings.

Analysts Set New Price Targets

On September 23, 2026, JP Morgan maintained a Neutral rating with a target of $600, down from $690. UBS kept its Buy rating but lowered its target to $741 from $835 on September 30, 2026. Truist Securities maintained a Buy rating with a target of $779, down from $894 on October 5, 2026. Wells Fargo also maintained an Overweight rating, reducing its target to $760 from $874 on October 8, 2026. The consensus among analysts shows a range of opinions with varying targets, reflecting mixed sentiments on the stock's future performance.

About Cummins Inc.

Cummins Inc. provides power solutions around the world, operating through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company manufactures diesel and natural gas engines and drivetrain systems, catering to both on- and off-highway applications. This analyst rating comes as Cummins continues to adjust its strategies in a competitive market.

Bottom Line

Investors should keep an eye on Cummins as the company prepares for its next earnings report on November 5, 2026. With Citigroup's recent target adjustment and the mixed sentiments from other analysts, further developments in the company's performance will be crucial to watch.