New York, February 9, 2026, 15:10 EST — Regular session
- Cummins jumped roughly 4% in afternoon trading, after Raymond James raised its price target to $675.
- Investors are sizing up demand for data-center backup power, even as the North American truck cycle remains uneven.
- Attention shifts to Cummins’ Analyst Day on May 21, where investors are looking for specifics on capacity, capital outlays, and plans for returning value to shareholders.
Shares of Cummins Inc (CMI) jumped 4.1% to $601.57 as of 2:55 p.m. EST on Monday. The move followed a price target hike from Raymond James for the engine and power-generation company.
Cummins is caught between two identities in the market right now—truck-cycle gauge on one hand, data-center power player on the other—especially after last week’s results. Shares remain close to their highs, so even minor tweaks to outlook or valuation are nudging the stock.
Raymond James bumped its price target up to $675 from $585 while sticking with an “Outperform” call, citing a rebound in North American on-highway markets and ongoing strength from global data center growth. The firm’s report also mentioned that buybacks could be back on the table in 2026 as balance sheet constraints start to ease. 1
Cummins on Feb. 5 called for 2026 revenue to increase between 3% and 8%, with EBITDA expected to come in at 17% to 18% of sales. For the fourth quarter, sales were $8.536 billion. Diluted earnings landed at $4.27 per share, reflecting charges from a strategic review of the Accelera electrolyzer business. 2
On the earnings call, chief executive Jennifer Rumsey said the company is “taking orders now well into 2028” for diesel backup power—demand that’s getting a boost from data-center expansion. Chief financial officer Mark Smith flagged that the existing tariff regime stands to shave around 50 basis points, or half a percentage point, off annual margins if it stays in place. 3
But it’s hardly a straightforward bet. Everything hinges on a rebound in North American truck demand later this year—if freight weakens, engine orders could fall off quickly. There’s also the question of Cummins: is the company’s recent step back from electrolyzers just a blip, or should investors brace for a wider slowdown in its hydrogen ambitions?
Cummins surged past several industrial peers on Monday. Caterpillar gained ground, but shares of truck manufacturer Paccar barely moved, even as the wider U.S. market advanced.
May 21 in New York marks Cummins’ Analyst Day—the next critical checkpoint for investors. The company’s promised deeper dives into strategy are in focus. Power systems capacity, spending at Accelera, and management’s stance on capital returns will be scrutinized for clarity by traders. 4
