We are reducing our fair value estimate to $123 per share from $126, in response to the strong U.S. dollar, which reduces profits from the 50% of Cummins sales that come from outside the U.S. Additionally, headwinds at Cummins' key agriculture, mining, and construction customers appear to be increasing and translating into a slower 2016 sales outlook than we initially forecast. We expect that Cummins will produce $23 billion of midcycle revenue by 2019 as it expands its market share versus smaller rivals. Furthermore, we think Cummins will benefit from Navistar's decision to source Cummins engines on its heavy-duty trucks. We forecast 3% growth in unit volume for the five-year forecast period and expect that moderate price increases and a mix
