**David Einhorn Backs CNH Industrial as a Value Play Amid Industry Downturn**

Greenlight Capital's David Einhorn has recently announced a new investment in CNH Industrial, a company specializing in agricultural machinery. Speaking at CNBC's Delivering Alpha conference, Einhorn described CNH Industrial as an undervalued opportunity that has flown under the radar, primarily because the agricultural sector is experiencing a downturn. According to Einhorn, the current low pricing in agriculture and the downturn in equipment demand present a unique, long-term investment opportunity.

Following Einhorn's comments, CNH Industrial saw its shares rise over 7% in extended trading. Einhorn highlighted that the company, previously known as Case New Holland, boasts a strong dividend yield of over 4% and is aggressively buying back its own stock. He pointed out that the firm has minimal financial leverage, setting the stage for potentially significant earnings growth as industry conditions improve.

Einhorn expressed confidence in the cyclical nature of the agricultural equipment industry. He noted that equipment sales have dropped significantly since a past boom, leading to the current down cycle. However, he expects demand to surge again in the coming years as older machinery needs replacement. Einhorn projects that within three to four years, the market for agricultural equipment could swing to be 20% above the average, demonstrating the cyclical characteristics of the industry.

This positive outlook on CNH Industrial comes despite the company's stock underperforming the market this year, down more than 17%. Einhorn’s investment signals a belief in the long-term value and potential for recovery in the agricultural machinery sector.