As previously reported, Oppenheimer upgraded CNH Industrial (CNH) to Outperform from Perform with a $16 price target Now into the second year of equipment sales decline, the firm believes CNH is approaching trough EPS in 2025. Coming out of Q3 earnings season, investor sentiment in the space has improved, and Oppenheimer sees incremental catalysts in 2025 helping support a reversion trade for CNH, which is coming into Q4 results with the advantage of a lowered bar. While 2025 equipment fundamentals remain challenging, the firm is encouraged by the recent improvement in grain prices as a potential tailwind to global farm income.
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