These Analysts Boost Their Forecasts On Deere Following Upbeat Earnings

Group 1 - The company reported better-than-expected third-quarter results with net sales declining 17% year-over-year to $13.152 billion, surpassing the consensus of $10.944 billion [1] - Earnings per share (EPS) was $6.29, down from $10.20 year-over-year, but exceeded the consensus estimate of $5.85 [1] - The company initiated involuntary employee-separation programs, incurring $124 million in pretax expenses, with an estimated total of $150 million [1] Group 2 - The company reaffirmed its 2024 net income outlook of $7.00 billion [1] - Expected declines in net sales for 2024 include Production & Precision Ag by ~20%-25%, Small Ag & Turf by 20%-25%, and Construction & Forestry by 10%-15% [1] - Financial services net income is projected to be $720 million for the fiscal year [1] Group 3 - Following the earnings announcement, Deere shares gained 6.3% to close at $373.26 [2] - Analysts from B of A Securities and Citigroup maintained a Neutral rating while raising their price targets to $410 and $395, respectively [2] - The consensus price target for Deere & Co is $427.1 based on 32 analysts, with a high of $551 and a low of $360 [4]