Global Haying & Forage Machinery Market Growth of 5.1% CAGR by 2020 - Analysis, Technologies & Forecasts Report 2016-2020 - Key Vendors: AGCO Corp, CLAAS, Buhler Industries - Research and Markets
CNH is plowing ahead, but we have some lingering concerns.
Bargains are currently scarce in the sector, but industrials continue solid execution and segment portfolio refinement.
After several strong years of U.S. and Canadian machinery purchases, growth rates look to slow.
We think the market is too focused on near-term farm equipment headwinds and not enough on a cyclical European trucking upturn.
Although ag machinery manufacturers may reap weaker 2014 results, we think Deere's narrow moat is intact.
We are concerned about a slow start to U.S. light-vehicle sales this year, but we expect improvement once the cold abates.
Following Cat's fourth-quarter results, in line with our forecast, our fair value estimate remains $94.
There are many different types of emerging-markets bonds.