Deere price target lowered to $460 from $493 at Stifel

Stifel analyst Stanley Elliott lowered the firm’s price target on Deere to $460 from $493 and keeps a Buy rating on the shares. Q3 results were above expectations and FY23 guidance was raised, but shares traded lower despite upside in the quarter and outlook as “tax benefits muddied an otherwise solid quarter, the analyst tells investors. Guidance implies a slower Q4, though primarily due to a normalizing production schedule, and investors remain concerned regarding the overall trajectory of the ag cycle, added the analyst, who believes the large ag outlook “remains more positive than feared by investors.”