Citi Resumes CNH Global NV (CNHI) at Buy

Citi analyst Timothy Thein resumes coverage on CNH Global NV (NYSE: CNHI) with a Buy rating and a price target of $19.00.

The analyst comments "We are resuming coverage of CNHI with a Buy rating (unchanged from before) and $19 px target. This suggests +30% total 12-mo. return potential. The Remainco (off-highway) business will be well-positioned for an “agflationary” backdrop that is expected to persist based on Citi’s grain market outlook, especially given the scarcity of mid/large cap ag-levered names within global indices. We see the appointment of CEO Wine as a positive catalyst, as we believe his skill set is an ideal match for CNHI’s needs. Our price target is derived from a combination of P/E and EBITDA metrics, and our updated SoTP work that suggests 20-40% upside to current levels."

For an analyst ratings summary and ratings history on CNH Global NV click here. For more ratings news on CNH Global NV click here.

Shares of CNH Global NV closed at $14.46 yesterday.

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