CNH Industrial NV (CNHI) sell-off 'overdone' - Morgan Stanley
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Morgan Stanley analyst Dillon Cumming reiterated an Overweight rating and $20.00 price target on CNH Industrial NV (NYSE: CNHI), saying they view today's sell-off as "overdone."
The analyst commented, "At the time of writing, CNHI shares are currently trading down ~9% following a strong quarter and the announcement of a de-listing from the Milan stock exchange to a single consolidated listing on the NYSE. Some level of weakness from this announcement was to be expected, following the playbook of Linde's (covered by Vincent Andrews) own de-listing from the Frankfurt stock exchange to a single consolidated listing on the NYSE - which traded off ~4% on the day following the announcement. Even so, we see the magnitude of the sell-off as also partially driven by mgmt's somewhat more conservative tone on the call with regards to Ag Equipment markets - which has generated a sympathy trade driving DE & AGCO both down ~5-6% as well at the time of writing."
Shares of CNH Industrial NV closed at $17.90 yesterday.
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