Key Highlights

● CMI closed at $523.47 on 9 October 2026, and the $717.59 consensus target implies upside of about 37.1%.

● The consensus draws on 18 analysts, with targets from $540 to $790, while the second data set shows a $741.26 mean from 23 analysts.

● Market data records 13 Buy and five Hold ratings with no Sell.

● Wells Fargo cut to $760 from $874 on 8 October and Truist to $779 from $894 on 5 October, both keeping positive ratings.

Cummins Inc. (NYSE:CMI), a constituent of the S&P 500, closed at $523.47 on Friday 9 October 2026. Analyst targets sit far above the share price, but several large brokers have recently cut their forecasts.

What Is the Latest Analyst Price Target?

Market data shows a consensus 12-month price target of $717.59 from 18 analysts, implying upside of about 37.1% from the $523.47 close. The range runs from $540 to $790.

The second data set, using third-party data, shows a mean of $741.26 and a median of $760.50 from 23 analysts, with a range of $530 to $894. Its price of $535.31 was from the 6 October close and its targets were last updated on 5 October.

The two data sets differ by about $24 on the mean. The market data average is consistent with the recent named broker targets, which mostly fall between $600 and $790. The the second data set high of $894 appears to match Truist's previous target, which has since been cut, so it may be stale.

What Are Wall Street Analysts Saying?

Market data records 13 Buy and five Hold ratings with no Sells. The second data set counts 11 Strong Buy, four Buy and eight Hold.

The direction of recent broker revisions has been downward. Wells Fargo cut its target from $874 to $760 on 8 October, keeping an Overweight rating. Truist lowered from $894 to $779 with a Buy rating on 5 October, and UBS reduced from $835 to $741 with a Buy rating on 30 September. Bank of America lowered from $731 to $600 on 24 September, and JPMorgan cut from $690 to $600 with a Neutral rating on 23 September.

There were also increases earlier in the summer: DA Davidson raised its target from $605 to $750 in August, Citigroup from $770 to $790 and Morgan Stanley from $752 to $761 in July.

What Could Help the Stock Reach the Price Target?

Even after the cuts, the lowest large-broker targets of $600 remain above the share price, which suggests analysts still see room for recovery. Wells Fargo, Truist and UBS all retain positive ratings.

The company has raised its quarterly dividend to $2.20 per share, according to market data. If the shares recover towards analyst targets, it would probably require stronger earnings than the most recent quarter delivered.

What Could Prevent the Stock Reaching the Target?

The direction of travel for targets is the main concern. Five brokers named above cut forecasts in a little over two weeks, which suggests that analysts have become more cautious. The $523.47 share price is also well below the lowest $600 targets from Bank of America and JPMorgan.

Market data says the latest quarter's earnings per share of $6.73 missed the $7.21 consensus while revenue of $9.46 billion beat the estimate, and that the stock gapped lower.

What Should Investors Watch Next?

Items to watch include whether further brokers lower their targets, whether the Hold ratings increase, and whether the consensus moves closer to the share price.

Cummins' Five Target Cuts in Two Weeks Test a Wide Consensus Gap

Cummins closed at $523.47 on 9 October 2026, well below the lowest large-broker targets of $600 from Bank of America and JPMorgan, with the $717.59 consensus about 37.1% higher. Five named brokers cut forecasts in a little over two weeks, from JPMorgan on 23 September to Wells Fargo on 8 October, though Wells Fargo, Truist and UBS retain positive ratings. Market data says the latest quarter's earnings per share of $6.73 missed the $7.21 consensus, and that the quarterly dividend was raised to $2.20.