Deere price target lowered to $465 from $483 at DA Davidson

DA Davidson lowered the firm’s price target on Deere to $465 from $483 but keeps a Buy rating on the shares. The company recorded a “strong beat” with its Q2 results but its guidance was cut as Deere looks to reduce its inventory “to the bone”, the analyst tells investors in a research note. The recent floods in Brazil could serve to support row-crop prices and outlook in other regions, and with easier comps, new product launches and continued pricing, it’s not difficult to model Ag growth next year, the firm added.