Morgan Stanley analyst Mili Pothiwala said Deere shares were up 13% after the CFO mentioned a $500M FY18 cost savings program, with few details. The analyst said questions the sources of the cost cutting target and said it may not be fully realized in FY18, especially if revenues continue to decline. Pothiwala continues to see downside to Deere shares, even with a large amount of cost cutting included in his model, and said shares essentially give full credit for cost savings already and are "priced to perfection. The analyst rates Deere an Underweight and increased his price target to $77 from $70.

Cyngn (CYN) has been chosen to supply its DriveMod Tuggers for industrial automation to John Deere's (DE) operation in Dubuque, Iowa. Cyngn is a supplier of AI-powered autonomous vehicle and data solutions based in Menlo Park, CA.