CNH Industrial price target lowered to $13 from $14 at Baird

Baird analyst Mircea Dobre lowered the firm’s price target on CNH Industrial (CNH) to $13 from $14 and keeps an Outperform rating on the shares. The firm said the company is trying to destock the dealer channel while dealing with lower end user demand, this is hard to do requiring sizable and sustained production cuts. Thus far the company executed well on the cost side while maintaining relative price discipline.