Baird analyst Mircea Dobre notes Deere’s Q4 sales and EPS beat consensus estimates, but the stock sold off 5%-6% on the day, reflecting FY24 net income guidance that was cut, with a midpoint about 5% below prior consensus. The firm views Deere as “quickly emerging as the most proactive Ag” and overall Machinery OEM in adjusting production to reflect not only lower end-user demand but also the need to destock the channel, arguing that the company’s “short-term pain will lead to longer-term gain.” Baird maintains an Outperform rating and $420 price target on Deere shares.
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