ADVERTISEMENT

ADVERTISEMENT

Briefly: CNH Industrial falls as JPM downgrades citing weak agri market

** Truck and tractor maker's shares fall 4 pct after brokerage JP Morgan's cut its rating ** JP Morgan cut rating to "underweight" from "neutral"; Slashes PT on the U.S.-listed shares to $5 from to $6.50 ** JP Morgan cites excess inventory that c...

2049518+BusinessNews.jpg

** Truck and tractor maker's shares fall 4 pct after brokerage JP Morgan's cut its rating

** JP Morgan cut rating to "underweight" from "neutral"; Slashes PT on the U.S.-listed shares to $5 from to $6.50

** JP Morgan cites excess inventory that continues to plague the agricultural sector and a weakening Brazilian real that could weigh on soft commodity fundamentals into 2016/17

** Last month, CNH cut its FY outlook citing weak demand for farming machinery -- one of its biggest business

** Lower commodity prices and falling farm incomes continue to pressure demand for farming machinery hurting CNH and bigger U.S. peer Deere & Co

ADVERTISEMENT

** JP Morgan also cut Deere's PT by 22 pct to $64, saying Deere faces similar, if not worse, challenges; Shares closed at $74.65 on Friday

** CNH shares were briefly suspended for volatility after falling 5 pct in noon trade

** 2 of 10 brokerages rate the stock "buy", 6 rate "hold" and 2 rate "sell" or lower; median PT $7.50; U.S.-listed CNH -16 pct YTD

** CNH Industrial is the top loser on FTSE Italia Mid Cap Index and 6th top faller on Stoxx 600

Related Topics: MARKETS
What To Read Next
David Karki of SDSU underlined that planting cover crops like rye is not so much about big yield increases, but it will make the land more tolerant of fluctuations in weather.
Navigator CO2 Ventures is hoping to streamline the application process in Illinois as they add an additional pipeline to the mix.
Rod Burkard now has the opportunity to compete in August at the national event in Pennsylvania.
Benson and Turner Foods will process cattle and hogs at Waubun, Minnesota, on the White Earth Reservation with the help of a USDA grant.