CNH Industrial NV (CNHI) sell-off 'overdone' - Morgan Stanley
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Get Alerts CNHI Hot Sheet
13 Buy, 7 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 14 | Down: 13 | New: 19
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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."
For an analyst ratings summary and ratings history on CNH Industrial NV click here. For more ratings news on CNH Industrial NV click here.
Shares of CNH Industrial NV closed at $17.90 yesterday.
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