Barclays Cuts Deere & Company Price Target
Barclays lowered its price target on Deere & Company (NYSE: DE) Monday from $97 to $94 and cut its FY15 EPS estimate to $6.00 from $6.50.
Analyst Andy Kaplowitz noted that “while crop prices have stabilized in the near term, global ag markets remain under pressure. We now expect large North American ag to be down mid-20 percent in FY15 vs. our prior expectation of high-teens declines, offset by still solid small ag."
“Europe seems likely to remain soft, and we have limited visibility to improvement in South America. That said, expectations are already low and the risk of more significant downward revisions to estimates is decreasing,” according to Kaplowitz.
The report concluded that “DE's stock could continue to hold-up relatively well as investors focus more on DE's solid cash flow and deployment through the cycle.”
Kaplowitz also thought that “DE is on pace for its highest level of share repurchases since 2007, and further declines in capex could support opportunities for DE to continue solid cash deployment in FY15.”
Deere & Company recently traded at $87.49, up 0.48 percent.
Latest Ratings for DE
|Jan 2017||Berenberg||Initiates Coverage On||Sell|
|Dec 2016||Aegis Capital||Initiates Coverage On||Hold|
|Dec 2016||Bank of America||Upgrades||Neutral||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.