CNH Industrial downgraded to Neutral from Outperform at Baird

Baird downgraded CNH Industrial (CNH) to Neutral from Outperform with a price target of $15, down from $16. Recent stock rebounds in the agriculture group have resulted in more balanced risk/rewards, the analyst tells investors in a research note. The firm says the first half of 2025 agriculture bottom is increasingly understood and is now essentially the consensus view. Going forward, investor focus will shift to the shape and timing of a cyclical recovery “and here uncertainty looms large,” contends Baird. The firm says weak commodity prices combine with ongoing trade and geopolitical uncertainty as well as potential cost inflation.