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Fly News Breaks for May 20, 2019
DE
May 20, 2019 | 08:41 EDT
Credit Suisse analyst Jamie Cook lowered his price target for Deere to $176 from $209 after the company missed Q2 consensus estimates by 4% and reduced its 2019 net income forecast by 8%, reflecting weakening farmer sentiment, in particular softer commodity prices and lack of trade war resolution impacting demand for North America large AG. The analyst believes investors walked away concerned there is risk to 2020 on large AG weighing on the name, but takes comfort in the fact that large AG still remains very depressed relative to normalized levels and believes there is upside to 2020 if China trade war is resolved. Cook reiterates an Outperform rating on the shares.
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