Deere price target lowered to $380 from $390 at JPMorgan

JPMorgan analyst Tami Zakaria lowered the firm’s price target on Deere to $380 from $390 and keeps a Neutral rating on the shares. The shares traded down over 5% on Friday following the fiscal Q3 beat as the Q4 guidance fell below consensus, the analyst tells investors in a research note. The firm believes the stock reaction was driven by the lack of specifics provided in the earnings call around volume growth expectations for large agriculture in fiscal 2024, which solidified investor expectations for a decline next year. It thinks “bears will remain in charge of the narrative in the near term.”