Macquarie Research's Sameer Rathod reiterated Deere and Co. DE shares at Underperform with a price target of $82.25 Monday morning. The rating reiteration came after Deere reported earnings on Friday, beating Rathod's second-quarter EPS estimate of $1.36 by $0.21.
The Macquire analyst's more significant list of concerns with the company included:
- Continued top line pressure for agriculture
- Continued top line and pricing pressure for construction
- Weakening auction values for high horsepower trctors
- Weak 2H guidance outlook, cutting revenue from $1.3 billion to $1.2 billion
- The company's "appetite for buybacks going away"
To reflect these concerns, Macquire Research placed a FY17 revenue estimate at $25.102 billion.
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