Goldman Sachs keeps a Buy rating and $466 price target on Deere after its Q4 results and FY24 outlook. The analyst states that the firm had been concerned heading into the company’s Q3 with building oversupply across Machinery end markets being reinforced by used inventories that were up 20%-80% y/y, but exiting Q4, it is now “constructive” on Deere’s prudent production cuts earlier than in prior cycle. Goldman Sachs further cites the shift in discount dollars away from new equipment towards clearing out used equipment inventories, along with Deere’s continued price/cost gains.
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