UPDATE: Morgan Stanley Initiates Coverage on Deere & Company on Negative Outlook
In a report published Thursday, Morgan Stanley analyst Nicole DeBlase initiated coverage on Deere & Company (NYSE: DE) with an Underweight rating and $72.00 price target.
In the report, Morgan Stanley noted, “We forecast 8% downside to 2014e consensus, as we are concerned about recent deterioration in the used equipment market, augmented by a negative margin mix shift, as evidenced by our proprietary survey work. Our $72 PT implies 14% downside, and we project a 2-to-1 negative risk/reward ratio.”
Deere & Company closed on Wednesday at $84.48.
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