Goldman Sachs maintained a Sell rating on Deere (NYSE: DE) with a price target of $85. Analyst Jerry Revich called capex cuts prudent.

"We view Deere’s 2Q results as broadly in-line, as Deere is prudently reducing capex and overhead costs ahead of what we view as a challenging multi-year outlook in US ag equipment capex. While Deere left full year net income guidance unchanged, there’s a ~$50 mn benefit from lower tax rate, and the outlook for E Europe capex has deteriorated," said Revich.

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Shares of Deere closed at $93.61 yesterday.