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Fly News Breaks for May 20, 2019
DE
May 20, 2019 | 09:11 EDT
Stifel analyst Stanley Elliott lowered his price target on Deere to $171 from $180 citing the FY19 guidance cut that he sees being driven by the "cocktail of negative developments" in terms of trade, late plantings and swine flu. However, Elliott keeps a Buy rating on Deere shares, as he believes large ag purchases are delayed but that the long-term replacement cycle is still intact. He also sees opportunity in Deere's digital platform, noting that over 105M of the U.S.'s roughly 300M crop acres are on the platform.
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