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Fly News Breaks for July 12, 2019
Jul 12, 2019 | 09:17 EDT
OTR Global upgraded the Farm Equipment Manufacturers sector, Agco (AGCO), CNH Industrial (CNHI), and Deere (DE), to Positive from Mixed. The firm's checks indicate ag equipment sales have strengthened in the US and Europe as commodities rally, while large harvests in Brazil and Argentina have increased confidence amid financial difficulties. OTR now expects 2019 farm equipment sales to be up 2%-5%, versus previous expectations of 1%-4%, and for 2020 to have further gains.
News For AGCO;CNHI;DE From the Last 2 Days
Sep 16, 2019 | 16:14 EDT
Stocks were lower, and oil prices higher, from the outset of trading following a drone attack on Saudi oil facilities on Saturday that knocked out more than 5% of global oil supply and shelved half of Saudi Arabia's daily export capacity. President Trump warned... To see the rest of the story go to See Story Here
Sep 16, 2019 | 12:21 EDT
Paul Singer's Elliott Management has built a below 3% stake in CNH Industrial NV and hopes for constructive engagement with company, Daniele Lepido and Tommaso Ebhardt of Bloomberg report, citing people familiar with the matter. Elliott sees value creation potential in CNH's plan to separate the Iveco truck business from its agricultural machine unit, sources told Bloomberg. The activist's stake in company is valued at around $440M, Lepido and Ebhardt say. Shares of CNH Industrial are little changed at $11.22 following this morning's report of Elliott's stake. Reference Link
Sep 16, 2019 | 07:14 EDT
BMO Capital analyst Joel Tiss raised his price target on Agco to $80 after discussions with its VP of Investor Relations suggesting that the company's end markets are flat, inventories are in "good shape", and pricing is up about 150bps this year. The analyst is positive on Agco management's progress in transforming the company into a global manufacturer but keeps his Market Perform rating, saying the agricultural equipment market growth remains tepid following a multi-year downturn.