Goldman Sachs Downgrades CNH Industrial, Cuts Target 12% to €13.40
Goldman Sachs downgraded CNH Industrial to neutral from buy, citing an elevated valuation premium and trimmed its 12-month price target by 12% to €13.40. The bank highlighted CNH shares trading at 1.3 times tangible book value versus a five-year average of 1.1 times.
1. Rating Downgrade Details
Goldman Sachs reduced its recommendation on CNH Industrial to neutral from buy and lowered the 12-month price target by 12% to €13.40, attributing the move to a stretched valuation that limits upside.
2. Valuation Premium Concerns
The firm noted CNH Industrial now trades at 1.3 times tangible book value, compared with a five-year average of 1.1 times and below certain peers, suggesting valuation headwinds ahead.
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