UPDATE: Baird Downgrades Deere (DE) to Neutral
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(Updated - August 18, 2017 8:40 AM EDT)
(updated to add analyst comment)
Baird downgraded Deere (NYSE: DE) from Outperform to Neutral with a price target of $130.00 (from $140.00).
Analyst Mircea Dobre comments "While full year guidance was increased, the primary drivers are SITE gains (vs. prior guidance) with FX and slightly higher Construction on the top line. In the absence of material core EPS upside in 3Q with focus shifting to FY18, the road will get tougher as comps are difficult and farm fundamentals remain weak. Wirtgen remains a potential source of upside; we seek lower re-entry point."
Shares of Deere closed at $123.98 yesterday.
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