Barclays Q2 Review on Deere (DE): Wait 'Til It Rains, Then Cut It

Barclays maintains an 'Overweight' on Deere (NYSE: DE) price target of $97.00 (from $101.00).

Analyst, Andy Kaplowitz, said, "DE reported relatively disappointing FY3Q results, but a significant portion of the revenue and earnings miss was driven by operational inefficiencies in Ag & Turf, and we think the longer-term positive outlook for ag equipment demand remains intact."

"While we don't expect the near-term uncertainty caused by the drought to go away anytime soon, DE's early order programs for combines and other equipment are trending well, and DE forecasts 2013 total cash receipts to be up ~5% from record 2012 levels, which we think are both good early indicators of potentially strong FY13 equipment demand."

FY12 EPS estimate lowered from $8.10 to $7.75 and FY13 from $8.40 to $8.10.

For an analyst ratings summary and ratings history on Deere click here. For more ratings news on Deere click here.

Shares of Deere closed at $75.10 yesterday.

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