Deere price target lowered to $472 from $477 at Credit Suisse

Credit Suisse analyst Jamie Cook lowered the firm's price target on Deere to $472 from $477 and keeps an Outperform rating on the shares. The analyst notes Deere's stock closed down 14% on Friday after missing Q2 consensus EPS on a softer top line and margin and raising the full year net income guide but only by the one time. The miss in the quarter reflects higher inflationary pressures and supply chain challenges broadly, Cook adds. The analyst believes Deere's stock performance reflects expectations for a beat and raise on the core business and concerns on the the second half of 2022 guide. He believes the second half of 2022 guide is explainable and the set up for 2023 remains stronger than the group.