Piper Jaffray Reiterates Overweight, Lowers PT On CNH Global

In a note out today, Piper Jaffray reiterated an Overweight rating on CNH Global CNH, but lowered its price target on the maker of heavy machinery to $46 from $51. The new price target still implies decent upside in the stock from current levels. We are lowering our price target on CNH shares from $51 to $46 to reflect increased risk associated with rising used farm machinery inventory in the U.S. market, though we believe the company's broad geographic diversity and strategic initiatives in emerging growth markets will lead to fundamental outperformance relative to peers. We continue to expect above-consensus 2012 results from CNH and of the 3 major farm machinery players, we believe CNH will stand out as the only one generating positive earnings growth in 2013. As such, we maintain our Overweight rating," Piper said in the note. Shares of CNH are up almost 6% today.