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CNH.N

ISIN: NL0000298933
SEDOL: 2534778

Rating:

SELL

Target Price:

7.59 USD

Investment Horizon:

6 to 12 months
22nd Jul 2009 View Report   Download

2Q 09 News Alert

CNH Global N.V. (CNH) witnessed a significant y-o-y decline in its top-line during 2Q 09 as worldwide equipment sales dropped. The slump in revenues also hampered the company's operating performance during the quarter. We believe prevailing global economic conditions will continue to suppress demand in the capital goods industry in the near-to-medium term, impacting CNH's performance during the period. Therefore we maintain our SELL rating for the…

23rd Apr 2009 View Report   Download

1Q 09 News Alert

CNH Global N.V. (CNH) reported a significant decline in its revenues during 1Q 09 as its Agricultural Equipment (AE) and Construction Equipment (CE) businesses were negatively impacted by a drop in worldwide equipment sales. As we remain concerned about conditions in the agriculture and construction equipment industries, we downgrade our rating for the NYSE common stock from a HOLD to a SELL. We will revise our revenue, operating and net…

9th Feb 2009 View Report   Download

Company News Alert

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The CNH Global N.V. (CNH) common stock price has appreciated significantly since our previous update report. We remain concerned regarding the anticipated decline in the sales of agriculture and construction equipment products due to recessionary conditions in North America and Europe. We maintain a HOLD rating for the NYSE common stock on the basis of our fundamental outlook. We will reassess the…

3rd Feb 2009 View Report   Download

4Q 08 & FY 2008 Update Report

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The Association of Equipment Manufacturers (AEM) expects CE sales from North American and European markets (primarily in the UK, Spain, Ireland and Germany) to witness a significant decline during FY 2009. Sales of US commercial property fell 70% y-o-y in FY 2008 and are expected to drop a further 25% in FY 2009 according to Popertywire.com (a global property news service agency). Declining property prices reflect…

23rd Jan 2009 View Report   Download

Company News Alert

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CNH Global N.V.’s (CNH) NYSE common stock price fell significantly in a single trading session yesterday, following the release of lower than expected 4Q 08 results and weak FY 2009 guidance provided by the company as discussed in our company news alert on 22 January 2008. As a result, we maintain our SELL rating and will reassess the NYSE common stock rating in the coming weeks....