BofA analyst Michael Feniger lowered the firm’s price target on Deere to $399 from $422.50 and keeps a Neutral rating on the shares. While Deere reported a “solid” fiscal Q4, 2024 guidance disappointed as farmers pull back, the analyst tells investors. While stating elements in the FY24 guidance “feel conservative to us,” the firm reduced its forecasts post results as farmers pull back on discretionary equipment purchases given constrained margins due to lower crop prices and cost inflation. The firm does not see risk to 2024 guidance, but struggles to see notable upside given the stock’s valuation range, the analyst added.
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