Deere (DE) Stock Falling, Downgraded at Piper Jaffray
NEW YORK (TheStreet) -- Shares of Deere & Co. (DE) - Get Report are down 3.06% to $77.66 on Monday as the company was downgraded to "underweight" from "neutral" at Piper Jaffray this morning.
The firm cut its price target on the Moline, IL-based agriculture and construction manufacturer to $67 from $76, TheFly reports.
Analysts said consumer demand for machinery will continue to fall as corn and grain prices drop due to "extremely favorable" farming conditions.
Demand for farming equipment overseas is mixed, as new government policies in Brazil could issue positive results, while the outcome of Brexit on European demand remains unclear, Piper Jaffray continued in an analyst note.
Piper Jaffray also reduced its stock rating on machinery producers AGCO (AGCO) and CNH Industrial (CNHI) to "underweight" from "neutral," respectively. Shares of AGCO are falling 2.97% to $47.11 while CNH Industrial stock is slipping 2.6% to $6.55 this morning.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate DEERE & CO as a Buy with a ratings score of B. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and notable return on equity. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.
You can view the full analysis from the report here: DE
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