Deere price target lowered to $455 from $458 at Oppenheimer

Oppenheimer lowered the firm’s price target on Deere to $455 from $458 and keeps an Outperform rating on the shares. Oppenheimer believes volumes in 2024 will be down vs. 2023, although at healthy levels as farm profitability remains fairly strong, the analyst tells investors in a research note. The firm sees Deere as a standout and feels the Smart Industrial Operating Model reorganization benefits have yet to be fully appreciated given Covid/supply chain dynamics and the strong up-cycle.