CNH Industrial downgraded at Northland after ‘disappointing’ Q3 report

As previously reported, Northland downgraded CNH Industrial (CNH) to Market Perform from Outperform with an unchanged price target of $18 after the company reported “disappointing” Q3 results and “again” lowered FY24 guidance. While FY25 guidance was not offered, the firm argues that it is “clear from management commentary” that production hours will be significantly reduced in the first half to bring dealer inventories into alignment.