TD Cowen analyst Matt Elkott maintained a Hold rating on Deere (DE – Research Report) today and set a price target of $390.00.
Matt Elkott has given his Hold rating due to a combination of factors including adjustments in future earnings per share (EPS) estimates and the company’s recent performance. Elkott revised his EPS estimates for fiscal years 2024 and 2025 downwards, which indicates a tempered expectation of Deere’s future profitability. Additionally, although Deere’s second-quarter results for 2024 surpassed both Elkott’s and the Street’s expectations in terms of revenue and EPS, there were mixed outcomes at the segment level with some areas beating expectations and others falling short.
Furthermore, the reduction of Deere’s fiscal year 2024 guidance—the third consecutive cut—suggests potential concerns about the company’s near-term growth trajectory. Elkott’s revised price target reflects a slightly increased earnings multiple, hinting at a belief that the company’s earnings may be approaching a trough. However, the ongoing guidance cuts and the need to adjust EPS estimates signal caution, justifying the Hold rating as a stance between optimism and pessimism regarding Deere’s stock performance.
Elkott covers the Industrials sector, focusing on stocks such as Deere, GATX, and Trinity Industries. According to TipRanks, Elkott has an average return of 18.5% and a 68.10% success rate on recommended stocks.
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Deere (DE) Company Description:
Founded in 1837, Illinois-based Deere & Co. manufactures and distributes various equipment that is used in agriculture, construction, forestry, and turf care. The company operates through three business segments: Agriculture and Turf, Construction and Forestry, and Financial Services.
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