Goldman Sachs downgrades CNH Industrial to 'neutral' on weak demand

CNH Industrial

11/05/2026 11:23

** Shares of farm and construction equipment manufacturer CNH Industrial CNH.N down 1.6% at $10.8 in premarket trading

** Goldman Sachs downgrades its recommendation to "neutral" from "buy"; cuts Price Target to $10.5 from $12 earlier

** New PT represents an 1.8% upside on stock's last close

** Brokerage says while age of equipment is high, higher

fertilizer costs are likely to delay capex investments, particularly into large agricultural equipment which represent CNH’s higher margin products

** "Q1 2026 results saw weaker-than-expected Construction Equipment volumes, and we expect this softness to persist in 2026 as macro volatility and persistently elevated interest rates are likely to delay a previously expected recovery in European construction," Goldman Sachs says

** As of last close, shares up 18.9% YTD

 (Reporting by Parth Chandna)

 ((Parth.Chandna@thomsonreuters.com;))