11:40 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target for CNHI Industrial (CNHI) of $13, implying a 2024 P/E multiple of 9.7x, which is line with its three-year average forward P/E. We leave our EPS forecasts unchanged. CNHI reported Q1 2024 revenue of $4.82 bln (-10% Y/Y), primarily due to weakened demand in the agriculture and construction sectors, particularly in South America and Europe. The Agriculture segment saw a significant reduction in adjusted EBIT margin by 200 bps to 12.5%, dragged by lower production volumes, partially offset by price realization and production cost efficiencies. Conversely, the Construction segment experienced a margin increase of 150 bps to 6.7%, attributed to improved purchasing and manufacturing costs. CNHI revised its full-year 2024 guidance, expecting a decrease in Agriculture net sales by 11%-15% (from 8%-12%) and a 10%-14% decline in Industrial net sales (from 8%-12%). Given the guidance provided, we continue to anticipate a challenging year ahead for CNHI in 2024. We maintain our Hold rating.