Deere price target lowered to $435 from $450 at Citi

Citi lowered the firm’s price target on Deere to $435 from $450 and keeps a Buy rating on the shares. The analyst reduced earnings estimates post the earnings call. Recent warnings from major component suppliers about a drop-off in off-highway shipments, alongside the continued fall-off in grain prices, were clear signs that Deere’s large agriculture guidance was at risk, the analyst tells investors in a research note. The firm says taking swift action to cut production should position the company well for fiscal 2025, but that stabilization in row crop prices is needed for investors to have greater confidence in the retail outlook for next year.