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. CNH is trying to destock the dealer channel while dealing with lower end user demand, which is “hard to do” and requires sizable and sustained production cuts, the analyst tells investors. While there is more work to be done, the firm sees “good long-term value for patient investors,” the analyst added.