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.
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!
Analyst Joel Tiss believes there was nothing to suggest any changes looking toward the next fiscal year, although he was surprised by the resiliency shown by Deere. However, the analyst boosted his EPS estimates for the next year from $3.55 to $3.75. For the current year, the brokerage lifted the EPS projection from $3.85 to $4.35.
The company continues to illustrate its capacity to bend expenses and fuel favorable pricing to control the falling margins below the previous cycle.
In a research note to clients, Tiss said, "Management mentioned another potential $500 million of cost reductions by fiscal 2018 on flat-to-down markets, driven by several initiatives that include the following: 1) better purchasing negotiations (more efficient supply base and favorable contracts, not declining raw-material prices); 2) redesigning products to help lower R&D and production costs and increase profitability per machine; and 3) pushing down SA&G and R&D expenses in line with sales declines."
BMO Capital thinks Deere is producing less by 15–20 percent in its ag-equipment business compared to the retail demand.
At time of writing, Deere was up 0.85 percent on the day at $88.05.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!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.