Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Deere & Company (NYSE:DE) far exceeded the Street’s first-quarter expectations. The company's $1.63 bottom line beat $1.26 consensus estimates, while sales of $7.63 billion surpassed forecasts of $6.42 billion.
For the most part, investors liked what they saw. Shares traded up 7.1% Friday morning. But some diminished Deere's achievement.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Bank of America analyst Ross Gilardi attributed most of the bottom-line outperformance to taxes, which contributed 27 cents per share, and to operating profit, which came in 3% ahead of consensus.
He also expressed disappointment that earnings before interest and tax declined 60% in the Construction and Forestry segment while cost and freight margins came in 3.5 percentage points below Bank of America’s forecasts.
“The good news of the quarter is that Ag & Turf margins of 8.4% (BofA 6.2%) were up 110 basis points YoY on a 4% decline in sales, snapping a 6 quarter streak of down margins for that segment, boosted by 3% pricing and cost declines that more than offset a $78 million voluntary separation headwind,” Gilardi wrote in a report.
However, he anticipates a rough-enough performance in the near term to warrant an Underperform rating.
“We were honestly a little surprised that Deere did not reduce Europe and South America given weak trends, though Deere did not acknowledge a soft start to the year in Brazil,” Gilardi wrote.
Bank of America maintained an Underperform rating on Deere with a $150 price target.
Deere's stock traded higher by 7.3% to $178 per share at time of publication.
Related Links:
Deere Trades Lower Despite Q4 Sales Beat, Forecasts Drop In Agriculture Sales
Wells Fargo Downgrades Deere And Caterpillar, Sees 'Likely Need To Cut Production Soon'
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.