CNH Industrial upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded CNH Industrial to Buy from Neutral with a price target of $19, up from $17.57. The stock screens as one of the most attractive in Goldman’s “Valuation Multis Toolkit Screen,” the analyst tells investors in a research note. While the firm expects 2024 to face a downturn in both agriculture and construction equipment which will likely drive negative organic growth, it says CNH initiated preemptive cost actions in anticipation in 2023 that should help sustain earnings. This provides scope for consensus upgrades throughout this year and the stock is already trading at a 30% discount to U.S. peers, contends Goldman.