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Fly News Breaks for February 25, 2020
DE
Feb 25, 2020 | 08:25 EDT
BMO Capital analyst Joel Tiss raised his price target on Deere to $200 after its Q1 earnings beat and maintained FY20 guidance, noting that while the wait for the cyclical recovery in ag equipment has been "frustrating", he sees a "foundation" forming for higher upside. Tiss believes that the machinery replacement cycle is drawing nearer, pointing to the "strong" sold-ahead positions in FY20, as well as citing the company's below-peer field inventory to sales ratio. The analyst is keeping his Outperform rating on Deere shares.
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