Deere price target lowered to $401 from $425 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Deere to $401 from $425 and keeps a Hold rating on the shares. The analyst cites the company cutting its full year guidance in spite of delivering a “sizeable quarterly beat” as the management reduced its FY24 net income guidance by 5% at the midpoint to a new range of $7.5B-7.75B. The bulk of this can be attributed to lower revenue and margin forecasts within the key Production & Precision Agriculture segment, as North America retail sales are trending toward the low end of previous guidance, the firm tells investors in a research note.