Deere & Co. (DE): Pricing Benefits Not Flowing Through to 2017 - Jefferies
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Jefferies analyst, Stephen Volkmann, reiterated his Hold rating on shares of Deere & Co. (NYSE: DE) and raised the price target to $95 after the company reported F4Q16 EPS of $0.90, well above his $0.34 estimate. Consensus of $0.40 was topped as well, helped by 3pts of favorable pricing in the quarter which he believes equated to ~$0.40/shr.
This level of pricing is not expected to carry into 2017, however, as organic sales are expected to decline 3%, offset by 1pt in favorable pricing and 1pt in positive FX. F2017 guidance implies roughly $4.40 in EPS, consistent with Jefferies expectations and ahead of Consensus of $3.84.
The new PT of $95 is up from $85
Shares of Deere closed at $103.92 yesterday.
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