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CNH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is CNH Industrial N.V. (CNH) stock moving?
CNH beat Q3 expectations on Nov 9, with adjusted EPS of $0.16 against $0.10 expected and sales of $4.354B against $4.160B, and raised FY2026 adjusted EPS guidance to $0.44-$0.48. Same day it agreed to move its construction equipment business into a joint venture with Kobelco at a $1B enterprise value, with CNH receiving cash and keeping 30%, which management says makes it a pure-play agriculture company. Reported net income was only $35M because of a $156M non-cash tax valuation charge, and the adjusted result was helped by $109M of pre-tax tariff refunds that may not recur. The stock rose from $11.56 on Nov 6 to a $12.82 close on Nov 9 (+10.9% on 25.4M shares, versus about 17M shares on typical late-October days), reaching an intraday high of $13.25. On Nov 10 it fell 4.4% to $12.26 on 21.3M shares, well below that high, with VWAP at $12.38. Five brokers updated targets on Nov 10: Barclays, Baird and JP Morgan raised theirs (to $15, $16 and $12), while Truist and Evercore cut theirs (to $16 and $17.50). Four of the five keep a Buy-type rating, and JP Morgan remains Underweight with a $12 target near the current price.
News behind the analysis
- JP Morgan Maintains Underweight on CNH Industrial, Raises Price Target to $12JP Morgan kept its Underweight rating on CNH Industrial and raised its price target to $12. The target sits below the Nov 10 close of $12.26.
- Truist Securities Reiterates Buy on CNH Industrial, Lowers Price Target to $16Truist kept its Buy rating and cut its price target to $16 from $17 after the quarterly report.
- Barclays Maintains Overweight on CNH Industrial, Raises Price Target to $15Barclays kept its Overweight rating and raised its price target to $15.
- Truist Securities Adjusts Price Target on CNH Industrial to $16 From $17, Keeps Buy RatingTruist revised its price target on CNH Industrial to $16 from $17 while maintaining its Buy rating.
- Evercore ISI Group Maintains Outperform on CNH Industrial, Lowers Price Target to $17.5Evercore ISI kept its Outperform rating and lowered its price target to $17.50.
- Baird Maintains Outperform on CNH Industrial, Raises Price Target to $16Baird kept its Outperform rating and raised its price target to $16.
- CNH Industrial Reports Third Quarter 2026 ResultsQ3 revenue was $4.4B, roughly flat year over year, and adjusted net income rose to $205M from $109M. Reported net income was $35M after a $156M non-cash tax valuation charge, and results included $109M of pre-tax IEEPA tariff refunds.
- CNH Industrial Q3 Adj. EPS $0.16 Beats $0.10 Estimate, Sales $4.354B Beat $4.160B EstimateCNH reported Q3 adjusted EPS of $0.16 against a $0.10 estimate and sales of $4.354B against $4.160B expected.
- CNH Industrial Raises FY2026 Adj EPS Guidance from $0.41-$0.46 to $0.44-$0.48 vs $0.45 EstCNH raised its FY2026 adjusted EPS guidance to $0.44-$0.48 from $0.41-$0.46, versus a $0.45 consensus estimate.
- CNH Industrial to Sell 70% of Construction Equipment Business to Kobe SteelCNH agreed to sell a 70% majority interest in its construction equipment business to Kobelco for $700M, forming a joint venture, with CNH retaining 30% and a $1B enterprise value.
About CNH INDUSTRIAL N.V.
CNH Industrial is a Netherlands-incorporated, UK-headquartered maker of farm and construction equipment, selling under brands such as Case IH, New Holland, STEYR and CASE Construction. It is one of the world's largest farm equipment makers, and it is putting more money into precision-farming technology such as automation, guidance and connected machines.
How it makes money
Most revenue comes from selling tractors, combines, sprayers and other farm machinery through dealers. Agriculture makes up roughly three-quarters of equipment sales, and construction equipment such as loaders and excavators makes up most of the rest. A financial services arm adds about 15% of revenue (roughly $650 million in Q2 2026) from loans and leases to dealers and customers. Equipment sales were about $15 billion in 2025, and the company expects them to be roughly flat in 2026, which it describes as the low point of the farm cycle.
What usually moves CNH
- Farm income and crop prices
- Agricultural equipment cycle and dealer inventory levels
- Interest rates and farmer credit quality, especially in Brazil
- Tariffs and trade policy
- Construction and infrastructure demand
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