CNH Industrial downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded CNH Industrial (CNH) to Neutral from Buy with a price target of $11.50, down from $12.50. The stock was one of the top performers in the firm’s coverage over the last 12 months despite seeing double-digit earnings downgrades, was driven by investor expectations of an improving earnings outlook into 2026/2027 after two years of downturn in the agriculture and construction end markets as inventory was starting to normalize, the analyst tells investors in a research note. The firm is cutting its estimates however as it now expects a slightly longer destocking period as well as more muted price increases, adding that the stock’s valuation is also seen as “fair”.