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.
Latest Ratings for DE
|Sep 2015||Barclays||Initiates Coverage on||Underweight|
|Aug 2015||BMO Capital||Maintains||Market Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.