Deere price target lowered to $440 from $490 at Wells Fargo

Wells Fargo lowered the firm’s price target on Deere to $440 from $490 and keeps an Overweight rating on the shares. The stock sold off 3% on the company’s fiscal 2024 guidance that confirms 2023 as the peak, the analyst tells investors in a research note. The firm this as a “relatively benign move” versus the “big shave” to consensus estimates, reflecting of an inexpensive valuation. Wells reduced estimates but views Deere shares as inexpensive for a mid-cycle framework, particularly with margins reset higher and precision opportunity.