Wells Fargo analyst Andrew Casey lowered his price target for Deere to $180 from $190 on more conservative multiples. Nonetheless, the analyst expects continued positive stock performance, as investors more fully embrace the likelihood farm and construction equipment volumes improve in 2019 from 2018, discount removal of price cost headwinds in 2019, and more fully appreciate the ongoing transformation in Deere's return generation capability and product offering that is enabling higher farmer productivity. Casey reiterates an Outperform rating on the shares.