Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
NYSE BUY CNH Global N.V.’s (CNH) NYSE common stock price has depreciated significantly since our previous
update report, which we believe is primarily due to the implementation of a 5.0% surcharge on the
Common base price of the company’s products in order to offset rising material cost and transportation costs.
The decline in the NYSE common stock can also be attributable to weak equity market over the last
Stock week. In view of recent increases in raw material costs such as steel, energy and commodities, we
expect that margins will be under pressure in the medium term. However, we believe that the company
will continue to benefit from increased farm income in FY 2008 and increased spending in agricultural
activity will fuel demand for agricultural equipment. In view of this we maintain our medium-term
outlook for the company and do not anticipate a change in our current rating for the NYSE common
Ticker: CNH stock. We continue to take a 6-12 month investment horizon for this stock as the market in which CNH
Target price: US$51.44 operates is highly cyclical and therefore trends can be captured more accurately with a shorter
investment horizon
Current price: US$33.89
We will reassess the NYSE common stock rating after the company announces its 2Q 08 results on 23
Price change (20.2%)
July 2008.
since last report:
European BUY Our fundamental outlook remains strong and we continue to anticipate a significant currency impact
on the European stock over the medium term. Hence, we do not anticipate a change in our current
Stock1 European stock rating.
Ticker: CNH.F
Target price: €30.32
Current price: €21.40
We will reassess the European stock rating after the company announces its 2Q 08 results on 23 July
Price change (21.9%) 2008.
since last report: