CNH has slashed its FY23 revenue and FCF guidance on sliding volumes in its Agriculture segment in LATAM. This raises concerns that the negative trend could spread to regions other than LATAM, which is acting as a harbinger of the cycle downturn. CNH has initiated a commendable cost-cutting programme to counter these volume headwinds. However, we believe that investors will focus on the scale of the risk to demand through to 2024, when the cycle downturn is still in its early stages. We will cut ....
