Deere & Co. (NYSE:DE) slid in pre-market trading after the agricultural machinery manufacturer’s FY24 outlook left investors disappointed. In FY24, Deere expects net income to be in the range of $7.75 billion to $8.25 billion. This was below the analysts’ forecast of $9.3 billion.
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John C. May, Deere & Co.’s Chairman and CEO commented, “While our end markets will fluctuate, we remain focused on disciplined execution and strategically investing in solutions that drive customer value. As evidenced by our guidance for 2024, we are demonstrating higher levels of through-cycle structural profitability while making our company more resilient and better equipped for the future.”
The company reported Fiscal fourth-quarter earnings of $8.26 per diluted share compared to $7.44 per diluted share in the same period last year. This was above analysts’ expectations of $7.46 per share.
The company’s net sales and revenues declined by 1% year-over-year to $15.4 billion, again surpassing analysts’ estimates of $13.6 billion.
Is John Deere Stock a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about DE stock with a Moderate Buy consensus rating based on five Buys and six Holds. Year-to-date, DE stock has slid by more than 8% and the average DE price target of $438.95 implies an upside potential of 14.7% at current levels.
