Deere price target raised to $433 from $412 at BofA

BofA raised the firm’s price target on Deere to $433 from $412 and keeps a Neutral rating on the shares. Deere’s Q2 results were broadly in line with expectations, but the company cut its FY24 net income guidance again, the analyst tells investors in a research note. While the negative revision to the outlook is understandable given weak agriculture fundamentals, Deere trimming “back-to-back” quarters is rare, the firm notes, adding that it is surprising to see such shifts in three months when other industrial machinery markets are more stable.