The firm also cut its full year 2015 earnings estimate to $6.50 per share from $7.40 per share, and its full year 2016 estimates to $6 per share from $6.50 per share.
BMO said it reduced its numbers on the company, which manufactures agricultural, construction, forestry machinery and related products, based on its lower expectation for domestic agricultural demand.
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"We took a close look at the assumptions in our model and concluded our prior forecasts were a bit optimistic," BMO said.
With Deere set to report its 2014 fourth quarter earnings on Nov. 26, the firm said it had originally forecast for revenue deterioration from North American equipment sales of 15%, but now believes it will be closer to 20%.
Separately, TheStreet Ratings team rates DEERE & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate DEERE & CO (DE) a BUY. This is driven by a few notable strengths, 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 attractive valuation levels, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."