CNH Industrial (NYSE: CNHI) has been downgraded to Neutral from Buy by analysts at Bank of America, citing uncertainty following the appointment of a new CEO. The move prompted a 4.3% premarket stock decline. Gerrit Marx will take over as CEO on July 1, succeeding Scott Wine. BofA noted that Wine’s strategy had recently improved cost-cutting, inventory management, and product simplification. The new price target for CNH is $13.20 per share, reflecting a reduced price-to-earnings multiple.