** CNH Industrial CNH.N shares rise 3.5% to $10.4 premarket

** Greenlight Capital's David Einhorn speaking at a CNBC conference said he has taken a long position in the company

** The hedge fund investor said the agriculture equipment maker is an under-the-radar value play as the industry nears the end of a bearish cycle

** CNH shares, which have fallen 17.5% YTD, rose ~7% in after hours trade on Wednesday

** Co last week lowered its FY profit forecast and said it will continue to under-produce equipment moving into 2025, as dealer inventories remain elevated

** But added that it does expect 2025 to see the bottom of the cycle

** "CNH shares trade at a discount to peers that is inconsistent with its relative market share and margin profile, in our view," analysts at Oppenheimer said

** "While unclear if the position would result in an activist type of engagement, we believe the high profile investment is likely to raise the specter of a strategic engagement," they added.

** 11 of 21 brokerages rate the stock "buy" or higher and 10 "hold"; their median PT is $13

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.parmar@thomsonreuters.com))