Investment bank Bernstein has initiated coverage of CNH Industrial, the manufacturer of construction and agricultural machinery, with a 'Market Perform' rating. The neutral assessment marks Bernstein's formal entry into analysing the company, which produces equipment under brands including Case and New Holland. The initial rating could influence other analysts' evaluations and affect the share's performance in coming months. CNH Industrial's construction equipment division competes directly with Caterpillar and Volvo CE in key segments including excavators and wheeled loaders.