Credit Suisse sees solid growth for U.S. machinery firms in 2021
12/01/2021 11:10
** Credit Suisse says the U.S. machinery group is poised for
solid growth across multiple end markets in 2021
** "As we enter 2021, visibility is strongest in North
America Truck and large Farm equipment now extended through at
least the first quarter and early summer" - CS
** Brokerage says Deere DE.N and Caterpillar CAT.N are
its top large-cap picks
** "CAT is the best play on global macro improving helped by
potential for stimulus/infrastructure," CS says, adding,
recovery of NA Construction is a significant driver of the stock
** CS says DE has a strong balance sheet and also sees
margin upside in FY 2021
** Brokerage upgrades Illinois Tool Works Inc ITW.N and
Oshkosh Corp OSK.N to "outperform" from "neutral" and
downgrades Gates Industrial Corporation GTES.N to "neutral"
from "outperform"
** CS also revises PTs for the following companies:
Company Current PT Prior PT
Agco Corp $114 $89
Allison Transmission Holdings Inc $55 $50
Caterpillar Inc $228 $179
Cummins Inc $277 $273
Deere & Co $343 $305
Forterra Inc $23 $22
Gates Industrial Corporation PLC $15 $13
Illinois Tool Works Inc $235 $209
Manitowoc Company Inc $16 $10
Oshkosh Corp $117 $83
Paccar Inc $94 $89.27
Parker-Hannifin Corp $331 $264
Rush Enterprises Inc $46 $38
Terex Corp $39 $24
(Reporting By Geetha Panchaksharam)
((geetha.panchaksharam@thomsonreuters.com))