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Fly News Breaks for August 15, 2017
DE
Aug 15, 2017 | 07:27 EDT
As previously reported, BofA/Merrill downgraded Deere to Neutral from Buy. Analyst Ross Gilardi is cautious into the print given recent data and expects the pace of earnings performance relative to expectations to begin to subside. The analyst notes recent AEM data reported high horse power tractor demand fell 22% in July and Brazilian combine demand fell 27% in July. Gilardi did not make any change to earnings estimates or his $145 price target ahead of the August 18 report and said the industry will need better grain fundamentals to accelerate growth in second half 2018-2019, which remain an uncertainty.
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