"Heading into 2026, we see several reasons to believe that despite the strong run the stock has had this year, it's just getting started," Morgan Stanley said.

Solid Q3 results reflect "best-in-class execution" despite a challenging business backdrop and an uncertain trade and regulatory environment, the report said.

Morgan Stanley cited an imminent capacity-expansion announcement in power generation as a key catalyst and raised its 2026 EPS guidance to $27.45.

The firm also lifted its near-term forecasts, projecting Q4 adjusted EPS of $5.30 and full-year EPS of $23.27.

Morgan Stanley raised its price target on Cummings stock to $600 from $450 and reiterated its overweight rating.

Price: 469.63, Change: +6.83, Percent Change: +1.48

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