Baird analyst Mircea Dobre lowered the firm’s price target on Deere to $420 from $445 and keeps an Outperform rating on the shares. FY23 was “a great year” with net income greater than $10B, but initial FY24 net income guidance of $7.75B-$8.25B came in below the $9.309B consensus, the analyst tells investors. Management’s initial 2024 industry outlook calling for about a 10% decline across Large Ag and Europe/South America “seems like a good starting point,” says the analyst, who remains positive on Deere’s longer-term structural margin improvement potential.
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