Deere downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst David Raso downgraded Deere to In Line from Outperform with a price target of $424, down from $456. The analyst says feedback from the firm’s component contacts over the weekend highlight revenue risk across agriculture is “already here” for 2023. Farm equipment production schedules are going down for Europe and now also Brazil, the analyst tells investors in a research note. The firm says production is moving back in-line with retail demand in 2024, with retail demand down modestly, creating a stronger year-over-year cuts in production than just the retail softness.