Core Insights - Tariffs on steel and aluminum have significantly impacted U.S. manufacturing, particularly affecting equipment makers and farm machinery manufacturers due to increased input costs [1][2] - Deere & Company reported Q3 earnings of $3.93 per share on revenue of approximately $12.4 billion, exceeding sales expectations, but shares fell over 5% due to a projected $1.2 billion pre-tax tariff impact for fiscal 2026, nearly double the current year's effect [3][6] - The company's market value is around $125.6 billion, with a forward dividend payout of $6.48 per share and a yield of about 1.33%, supported by a dividend payout ratio of 32.95% [4] Financial Performance - Deere's fourth-quarter net income was approximately $1.065 billion, or $3.93 per share, compared to $1.245 billion, or $4.55 per share, a year earlier, slightly missing the $3.96 consensus [6] - Worldwide net sales and revenues increased by 11% to roughly $12.394 billion in the quarter, although full-year revenues decreased by 12% to about $45.684 billion due to cooling agricultural demand and margin pressures from tariffs [7] - The shares are trading around $468, reflecting a year-to-date increase of roughly 10% and a 1% rise over the past 52 weeks, with a valuation of approximately 24.18x forward earnings compared to a sector median of 20.33x [5][6]

Group 1: Analyst Ratings Adjustments - JPMorgan has significantly reduced its price target for Evoke PLC (EVOK) from 66p to 34p, indicating a nearly 50% decrease in outlook for the company [3][10] - The price target for Flutter Entertainment (FLTR, FLUT) has been lowered from 27,100p to 25,300p, reflecting cautious sentiment in the entertainment and gaming sector [4][10] - For EPR Properties (EPR), JPMorgan adjusted its target price down to $58 from $65, following a previous increase in September 2025 [5][10] - Daiwa Capital Markets has made a minor adjustment to Deere & Co (DE), lowering its target from $530 to $520 amid mixed analyst sentiments [8][10] Group 2: Geopolitical Concerns - A Taiwanese minister has warned that the ongoing tensions between China and Japan could last for another year, which may impact regional stability and trade [7][10]

Group 1 - Deere & Company will host its investor day event on December 8, 2025, at 10:30 a.m. eastern time, where senior leadership will discuss strategic ambitions and growth opportunities with analysts and investors [1] - The live webcast and presentation materials for the investor day can be accessed on the company's investor website, with recorded materials available afterward [2] - Deere reported a net income of $1.065 billion for the fourth quarter ended November 2, 2025, translating to $3.93 per share, and a total net income of $5.027 billion for the fiscal year [3]

Raymond James将迪尔股份的目标价从560美元下调至545美元，维持"跑赢大盘"评级。(格隆汇) ...

Core Viewpoint - RBC Capital has lowered the price target for Deere (DE) to $541 from $542 while maintaining an Outperform rating on the shares, indicating a positive outlook despite the slight reduction in target price [1]. Financial Performance - Deere reported solid Q4 results, although net income was below consensus expectations, impacted by approximately $1.2 billion of pre-tax tariff effects [1]. - The introduction of F26 guidance reflects the company's strategic planning for future performance [1]. Inventory and Operations - RBC Capital views Deere's progress in inventory management and growth in Equipment Operations positively, suggesting a strong operational foundation for the company [1].

Core Viewpoint - UBS analyst Steven Fisher maintains a Buy rating and a price target of $535 on Deere (DE) shares, indicating confidence in the company's future performance despite a slightly lower initial FY26 earnings guidance midpoint [1] Group 1: Earnings and Guidance - The Q4 results and outlook for Deere were described as "directionally consistent" with UBS's expectations, establishing 2026 as the agricultural bottom [1] - The initial FY26 earnings guidance midpoint is slightly lower than UBS's previous model, attributed mainly to a weak Q1 in North America [1] - UBS expresses increased confidence in 2026 as the earnings bottom and anticipates a recovery in 2027 following the report [1]

Company Overview - Deere & Company (NYSE: DE) is a prominent manufacturer in the agricultural, construction, and forestry machinery sectors, recognized for its green and yellow equipment [1] - The company competes with major players such as Caterpillar and CNH Industrial [1] Stock Performance - The current stock price of DE is $469.87, reflecting a decrease of 5.67% or $28.26 [4] - The stock has fluctuated between $469.46 and $487.82 today, with a yearly high of $533.78 and a low of $403.01 [4] - DE's market capitalization is approximately $127 billion, with a trading volume of 5,471,364 shares on the NYSE [4] Analyst Insights - Jamie Cook from Truist Financial has set a price target of $612 for DE, indicating a potential increase of 30.25% from the current price [5][1] Investor Sentiment - Advisors Asset Management Inc. has reduced its stake in DE by 30.8%, now holding 8,434 shares valued at approximately $4.3 million after selling 3,753 shares [2] - Conversely, Brighton Jones LLC increased its stake by 39.1% during the fourth quarter, acquiring an additional 1,278 shares for a total of 4,548 shares valued at $1.9 million [3] - Mackenzie Financial Corp also raised its holdings by 9.6% in the same period, indicating confidence in DE's growth potential [3]

Core Insights - Deere & Company reported strong fourth-quarter results with earnings per share of $3.93, surpassing the consensus estimate of $3.88, and a quarterly sales increase of 11% year-over-year to $12.39 billion, exceeding the consensus of $9.85 billion [1][3] Financial Performance - The company achieved its best results in the current cycle despite challenges, attributed to structural improvements and diverse customer segments [2] - For fiscal 2026, Deere expects net income to range from $4.0 billion to $4.75 billion, indicating a year-over-year decline of 20% to 5.5%, with projected operating cash flow of $4.0 billion to $5.0 billion [3] Sales Projections - Deere anticipates a decline in production and precision agriculture sales by 5% to 10% for fiscal 2026, while small agriculture and turf revenue, along with construction and forestry sales, are expected to rise by approximately 10% [3] Stock Performance - Following the earnings announcement, Deere shares increased by 0.6%, trading at $472.82 [3] Analyst Ratings - RBC Capital maintained an Outperform rating with a price target adjustment from $542 to $541 [6] - Truist Securities maintained a Buy rating and raised the price target from $609 to $612 [6] - Evercore ISI Group maintained an In-Line rating, lowering the price target from $487 to $458 [6]

Core Insights - Deere & Company reported strong fourth-quarter results with earnings per share of $3.93, surpassing the consensus estimate of $3.88, and a quarterly sales increase of 11% year-over-year to $12.39 billion, exceeding the consensus of $9.85 billion [1][3] Financial Performance - The company achieved its best results in the current cycle despite facing challenges and uncertainties, attributed to structural improvements and diverse customer segments [2] - For fiscal 2026, Deere expects net income to range from $4.0 billion to $4.75 billion, indicating a year-over-year decline of 20% to 5.5%, with projected operating cash flow of $4.0 billion to $5.0 billion [3] Sales Projections - Deere anticipates a decline in production and precision agriculture sales by 5% to 10% for fiscal 2026, while small agriculture and turf revenue, along with construction and forestry sales, are expected to rise by approximately 10% [3] Stock Performance - Following the earnings announcement, Deere shares increased by 0.6%, trading at $472.82 [3] Analyst Ratings - RBC Capital analyst maintained an Outperform rating but lowered the price target from $542 to $541 [6] - Truist Securities analyst kept a Buy rating and raised the price target from $609 to $612 [6] - Evercore ISI Group analyst maintained an In-Line rating and reduced the price target from $487 to $458 [6]

Core Insights - Deere Company's shares fell by 5.7% following a 14% year-over-year decline in fourth-quarter fiscal 2025 earnings, attributed to increased production costs and tariff impacts, with earnings missing the Zacks Consensus Estimate by 0.8% [1] Financial Performance - Net sales from equipment operations increased by 14% year over year, exceeding the Zacks Consensus Estimate by 5.9%, but gross profit decreased by 2% due to a 21% rise in quarterly cost of sales [4] - Segment-wise performance showed a 10% increase in sales from the Production & Precision Agriculture unit, a 7% increase from the Small Agriculture & Turf unit, a 27% surge in Construction & Forestry sales, and a 2% rise in revenues from the Financial Services division [5] - Cash flow from operating activities was reported at $7.46 billion for fiscal 2025, down from $9.23 billion the previous year [5] - For fiscal 2026, the company anticipates net income in the range of $4.00-$4.75 billion, indicating a significant decline from the reported net income of $5.03 billion in fiscal 2025 [6] Industry Context - The U.S. agricultural sector has been facing challenges over the past few years, with conditions worsening since April 2025, leading to weak demand for large agricultural equipment and impacting revenue prospects for manufacturers like Deere [2] - ETF investors with significant allocations to funds holding Deere may need to reassess their portfolios to mitigate potential losses if the sector's demand continues to decline [2] ETF Insights - iShares MSCI Agriculture Producers ETF (VEGI) has assets of $85.7 million, with Deere holding a 25.5% weightage, and the fund has gained 11% year to date [7] - VanEck Agribusiness ETF (MOO) has assets of $578.8 million, with Deere at 8.15% weightage, and the fund has increased by 12.8% year to date [8] - Strive Natural Resources and Security ETF (FTWO) has assets of $53.2 million, with Deere at 8.32% weightage, and the fund has surged 38.7% year to date [9] - First Trust Indxx Global Agriculture ETF (FTAG) has assets of $6.2 million, with Deere at 10.01% weightage, and the fund has risen 12.9% year to date [11] - Global X AgTech & Food Innovation ETF (KROP) has assets of $6.30 million, with Deere at 11.84% weightage, and the fund has gained 8.2% year to date [12][13]