Cummins Inc

CMI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$223.00	Yfmkdl	Rtpjnqyr

Cummins Earnings: We Expect Near-Term Challenges but Our Long-Term Thesis Remains Unchanged

Dawit Woldemariam

Nov 2, 2023

We elected to raise our fair value estimate by nearly 1% to $255 (from $253 previously), following third-quarter earnings. The increase to our fair value is largely attributed to the time value of money since our last update but was partially offset by slight tweaks to our near-term sales and margin expectations.

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