Information Provided By:
Fly News Breaks for May 14, 2019
AGCO, DE
May 14, 2019 | 06:30 EDT
JPMorgan analyst Ann Duignan downgraded Deere (DE) to Underweight from Neutral and lowered her price target for the shares to $132 from $154. The analyst coupled the downgrade with an upgrade of Agco (AGCO) to Overweight from Neutral. The analyst sees "rapidly deteriorating" fundamentals in U.S. agriculture. Beyond tariffs, Chinese import demand for soybeans is likely to decline significantly as it deals with a ~30% reduction in its hog herd following the outbreak of African swine fever, Duignan tells investors in a research note. Further, Brazil and Argentina combined have produced close to record soybean and corn crops this season, while U.S. dollar strength remains a headwind for U.S. competitiveness on the global market, adds the analyst. She sees a "perfect storm" for U.S. farmers and believes the fundamentals for Deere are now skewed to the downside.
News For DE;AGCO From the Last 2 Days
There are no results for your query DE;AGCO