Cummins (NYSE:CMI) has been hit by a wave of analyst downgrades lately. Deutsche Bank, William Blair, and BB&T Capital Markets are just some of the analyst firms that have grown increasingly cautious about the engine maker's future, each downgrading the stock last month. That's one of the bigger reasons, aside from Caterpillar's slashed outlook and other macro concerns, that Cummins shares have lost nearly 13% over the past three months.

CMI Chart

CMI data by YCharts.

While I usually take analyst upgrades and downgrades with a pinch of salt given how frequently views change, Cummins investors need to take a closer look at why so many analysts are bearish about the company, especially because Cummins' third-quarter earnings are around the corner. So the concerns that analysts have highlighted could also show up in the company's upcoming numbers and outlook.

In the following slideshow, I've highlighted five such headwinds that could hurt Cummins' growth going forward.