Wells Fargo Cuts Cummins (CMI) Price Target to $608

By TradeTexts Research Desk Oct 26, 2026, 11:15 AM EDT

Key Points

Wells Fargo adjusted its price target for Cummins Inc. to $608 from $760, maintaining an Overweight rating.
The stock recently traded around $525.26, which is about equal to its closing price of $525.21 on the event date.
Analysts have a mean price target of $716.66 for Cummins, indicating a potential upside from the recent trading levels.

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Wells Fargo lowered its price target on Cummins Inc. (NYSE: CMI) to $608 from $760 on October 26, 2026. The firm maintained its Overweight rating in this update. This change comes as part of a broader adjustment in analyst sentiment regarding the stock.

CMI Cummins Inc.

$517.40 +0.13% year to date

Daily close · Oct 23, 2026

Analyst rating track record

Wells Fargo vs. the S&P 500

YTD return -0.22% hypothetical

All-time return -0.22% S&P 500 +0.89%

vs. S&P 500 -1.11% behind the index

Hypothetical returns from Wells Fargo's disclosed trades, not real profit or advice. How we model this.

How Wells Fargo's Call Compares with Other Ratings

Wells Fargo's new target of $608 is significantly lower than its previous target of $760. Other firms have also made adjustments recently, with Truist Securities maintaining a Buy rating and a target of $779, while Citigroup holds a Buy rating with a target of $630. Barclays also maintains an Overweight rating but has set a target of $675. Overall, the consensus target among analysts for Cummins is $716.66, reflecting a potential upside for investors.

Other Institutional Activity in Cummins Inc.

Ascent Wealth Partners trimmed its stake by 1,668 shares, bringing its total down to 16,850 shares worth about $8.7 million. Capital Investment Advisors increased its holdings by 5,961 shares, resulting in a total of 119,011 shares valued at approximately $61.5 million. Verity & Verity raised its position by 3,728 shares, now holding 38,094 shares worth about $19.7 million. Fisher Asset Management, LLC also grew its stake, adding 98,268 shares for a total of 3,595,361 shares valued at about $1.89 billion.

Cummins Inc. Stock Up 1.1%

Cummins shares recently traded around $525.26, which is about equal to the closing price of $525.21 on October 26, 2026. The stock is currently below its 50-day moving average of $546.79 and its 200-day moving average of $604.01. It also trades about 28.8% below its 52-week high of $737.76, but remains 26.9% above its 52-week low of $413.98.

12-month forecast

$CMI price target

Cummins Inc. daily closes and this analyst's $608 target. Not advice.

Recent Earnings

Cummins reported trailing twelve-month revenue of approximately $34.7 billion and an EPS of $19.57. The company is expected to announce its next earnings on November 5, 2026. Analysts are watching closely to see how these results align with their updated targets and expectations for future growth.

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.

Several insiders sold shares earlier this year. Nathan R. Stoner sold 607 shares for about $421,294 on May 11, 2026. Jennifer Mary Bush sold 5,000 shares valued at approximately $3.5 million on May 12, 2026. Donald G. Jackson sold 730 shares for about $518,975 on May 14, 2026, and Earl Newsome Jr., the Chief Technology Officer, sold 698 shares for around $399,410 on August 24, 2026. These transactions occurred before the recent analyst updates.

Analysts Set New Price Targets

On October 26, 2026, Wells Fargo maintained its Overweight rating for Cummins while lowering its target to $608 from $760. This follows other recent ratings, including Truist Securities, which kept its Buy rating with a target of $779, and Citigroup, which also maintained a Buy rating with a target of $630.

About Cummins Inc.

Cummins Inc. develops a range of power solutions globally, operating through segments like Engine, Distribution, Components, Power Systems, and Accelera. The company offers a variety of diesel and natural gas-powered engines, drivetrain systems, and related products.

Bottom Line

Investors should keep an eye on Cummins' upcoming earnings report on November 5, 2026, and watch for any further updates from analysts. The stock's recent adjustments in price targets highlight a cautious outlook from some analysts, while others maintain a more optimistic view.