CNH Industrial Stock Jumped 23% Last Week. Here’s Why Baird Upgraded It to Outperform.

FTC and USDA launched a joint inquiry into agricultural equipment makers, including Deere & Company (DE), CNH Industrial (CNH), and AGCO (AGCO), investigating dealer contracts and fees. Stocks fell 5-6% on the news. Valuation metrics show AGCO as the cheapest, while Deere is priced for perfection. Revenue for all three companies has declined since 2023.

The FTC and USDA launched an inquiry into the agricultural equipment market, citing farmer complaints about access to equipment and services. Deere & Co. shares fell 5.7%, while AGCO Corp. and CNH Industrial NV dropped 8.4% and 7.3%, respectively. Caterpillar Inc. shares also declined 6.4%. The investigation is part of the FTC's efforts to ensure competition in the agricultural sector, following a recent settlement with Deere.

Deere (DE), AGCO (AGCO), and CNH Industrial (CNH) shares fell after U.S. regulators launched an inquiry into the farm equipment market, potentially impacting margins and business models. The probe focuses on pricing, dealer relationships, and repair policies, adding to existing risks from weak demand and lower crop prices.

Deere & Company (DE) and peers CNH Industrial (CNHI) and AGCO Corporation (AGCO) saw stock declines of 5.0%, 5.7%, and 5.9% respectively after the FTC and USDA launched an inquiry into agricultural equipment industry practices, citing farmer complaints about market barriers and pricing.

CNH Industrial N.V. (CNH) announced its subsidiary, CNH Industrial Capital Canada Ltd., priced Cdn$200M 4.00% notes due 2028 and Cdn$350M 4.40% notes due 2030. Proceeds will be used for working capital and general corporate purposes. The notes are senior unsecured obligations and are guaranteed by CNH Industrial's subsidiaries. The offering is expected to close on September 25, 2026, subject to customary conditions.

CNH Industrial N.V. (CNH) shares rose 3.72% after the company guided its 2026 outlook to the high end of its prior range. The company reported Q3 revenue of $4.80B, gross profit of $1.41B, and net income of $138M. CNH's stock has gained about 40% in recent weeks, driven by strong demand in agricultural equipment.