UBS lowered the firm’s price target on CNH Industrial (CNHI) to $15 from $20 and keeps a Buy rating on the shares. Following the company’s Q3 results earlier this month, along with the Q4 update from Deere (DE), the firm sees “softer” 2024 markets than previously expected, driving a “substantial” decline in earnings in 2024-2025, the analyst tells investors in a research note. UBS adds however that its Buy rating still reflects its view that the multiple will expand from current levels as CNH completes its delisting process, removing an overhang, while also demonstrating that earnings will be more resilient than the market expects.
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