Fitch Upgrades 1 Class and Affirms 2 Classes of CNH Equipment Trust 2013-A
Titan Machinery Inc. Announces Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2015
Research and Markets: Planting and Fertilizing Machinery - Global Strategic Business Report 2014-2020
Research and Markets: Harvesting Machinery - Global Strategic Business Report 2015: China - A Threat to Europe's Domination in Agricultural Machinery Production
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.
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.