BofA downgraded CNH Industrial to Neutral from Buy with a price target of $13.20, down from $15.50, following the “surprising” CEO change announced on Sunday. The change adds uncertainty around the company’s transformation just as outgoing CEO Wine’s vision was “just starting to bear fruit,” while the postponement of May’s investor day pushes out a key catalyst at a critical time, the analyst tells investors.
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Read More on CNHI:
- CNH NAMES GERRIT MARX AS CEO: Mr. Marx returns to CNH from Iveco Group, succeeding Scott W. Wine who has decided to leave the Company having successfully overseen the delivery of the 2021 Business Plan
- CNH Industrial Secures New €3.25 Billion Credit Facility
- CNH to release 2024 First Quarter financial results on May 2
- CASE recognized for delivering first sustainable UK roadshow
- CNH Industrial price target raised to $13.80 from $12.70 at Morgan Stanley
