Deere price target raised to $412 from $399 at BofA

BofA analyst Michael Feniger raised the firm’s price target on Deere to $412 from $399 and keeps a Neutral rating on the shares. Deere reported a “solid” fiscal Q1, but cut its FY24 net income guidance to be down about 25% year-over-year at the midpoint and 3% below consensus, the firm says. While the guidance revision is “somewhat understandable” given weakening ag fundamentals, it is rare to see Deere trim its outlook this early into the year, the analyst tells investors. While 2025 is “what truly matters,” the “coast isn’t clear yet,” the analyst added, arguing that a higher multiple is warranted nearing mid-cycle.