What exactly changed in the Morgan Stanley note for Cummins on Feb 6, 2026?

Morgan Stanley maintained an Overweight rating and raised its Cummins price target to **$675**. The note cited stronger margin forecasts and revenue assumptions. This is a reaffirmation of conviction rather than a rating upgrade in the classic sense for the CMI analyst rating.

How should investors interpret the CMI analyst rating maintenance?

A maintained Overweight means the analyst still prefers Cummins over peers. For CMI analyst rating context, investors should review price targets, valuation, and company guidance before reallocating capital.

Does the price target raise change the investment case for Cummins?

The higher price target to **$675** tightens implied upside and supports the positive case, but it does not reduce execution risk. Use the CMI analyst rating alongside cash flow and margin forecasts to reassess position sizing.

Where can I find the full analyst note and recent earnings discussion?

See Morgan Stanley’s update summarized by TheFly for the price target detail and read the Q4 2025 earnings call transcript on Seeking Alpha for management remarks. Both sources inform the CMI analyst rating backdrop.

Analyst Ratings

Morgan Stanley Maintains Overweight on Cummins Inc. (CMI) Feb 2026

ByDanny Kontos February 9, 2026February 9, 2026

Morgan Stanley maintained an Overweight rating on Cummins Inc. (CMI) on February 6, 2026, and raised its price target to $675. The move left the firm’s view steady while increasing valuation expectations. The update is a key data point for investors tracking the CMI analyst rating and the stock’s near-term outlook. This action followed Cummins’ strong Q4 2025 results and guidance that highlighted 3–8% revenue growth for 2026.