Goldman Sachs Reducing Deere & Co's 12-Month Price Target

According to Goldman Sachs, Deere & Co

is trading at 6.9X 2012E EV/EBITDA and 11.7X P/E, premiums of 6%/ 3% to Machinery peers. Goldman Sachs said that it reduces its 2011-13E EPS by an average of 3% to $6.30/$7.45/$8.65. “We reduce our 12-month price target to $104 (was $109) based on an unchanged target multiple of 8X 2012E EV-EBITDA (11.7X P/E) on our lower estimates. DE is trading at 6.9X 2012E EV/EBITDA and 11.7X P/E, premiums of 6%/ 3% to Machinery peers.” Deere & Co closed yesterday at $86.50.