Price target EUR 5.4.

Morgan Stanley raised the firm's price target on CNH Industrial (CNHI) to $13.80 from $12.70 and keeps an Equal Weight rating on the shares. The firm is marking to market its models and price targets, but notes that its earnings expectations for 2024 are relatively unchanged with its 2024 EPS estimates for its Machinery and Construction coverage changing by about 1% on average. The firm still sees the most attractive risk-rewards in Overweight-rated PACCAR (PCAR), Cummins (CMI), Martin Marietta Materials (MLM), Wabtec (WAB) and Deere (DE) and an "increasingly negatively skewed risk/reward" in Underweight-rated Terex (TEX), Lincoln Electric (LECO) and Donaldson (DCI), the analyst tells investors.