Deere price target lowered to $458 from $467 at Oppenheimer

Oppenheimer lowered the firm’s price target on Deere to $458 from $467 and keeps an Outperform rating on the shares. Deere’s strong Q3 results were broadly anticipated with Friday’s stock decline reflecting selling-the-news and lack of clear FY24 directionality, the analyst tells investors in a research note. The firm says that this down-cycle has the potential to be both brief and shallow, with earnings sustained by supply chain normalization, cost deflation, and structural margin improvements underappreciated in the smart industrial operating model reorganization.