Market Overview

J.P. Morgan Reiterates Neutral on Deere & Company After Meetings with New CFO

Related DE
How Droughts Affect The Stock Market
CNBC's Stock Pops & Drops From August 22
Some Firms Will Benefit from Falling Corn Prices (Fox Business)

In a report published Wednesday, J.P. Morgan reiterated its Neutral rating and $91.00 price target on Deere & Company (NYSE: DE).

J.P. Morgan noted, “DE hosted individual sell-side meetings with its (new) CFO Raj Kalathur today in NYC. Raj has worked at DE for 16 years and spent most of his career in operations in both business leadership as well as finance roles both domestically as well as in international locations. We focused our discussions with the CFO around DE's investments in organic growth as its capital spending to deprecation ratio is running well over 1.0x; and has been above 1.0x since 2005. Overall, management teams are focused on those investments deemed necessary for the company to achieve its 2018 target of $50B of revenues. We remain Neutral on the stock for now as U.S. farm cash receipts have likely peaked and we expect DE's stock price to be range bound with little chance of multiple expansion.”

Deere & Company closed on Tuesday at $90.11.

Latest Ratings for DE

DateFirmActionFromTo
Aug 2014MacquarieDowngradesNeutralUnderperform
Aug 2014Credit SuisseMaintainsOutperform
Aug 2014BarclaysMaintainsOverweight

View More Analyst Ratings for DE
View the Latest Analyst Ratings

Posted-In: J.P. MorganAnalyst Color Reiteration Analyst Ratings

 

Related Articles (DE)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters