BUZZ-Citi cuts PT on agricultural equipment makers on dour 2025 view

Reuters11-15

** Citigroup cuts PT on Deere & Co to $410 from $420, AGCO Corp to $95 from $100, and CNH Industrial to $13 from $15

** "We have lowered estimates across the board, with most notable downward revisions to 2025 as the grain price outlook and dealer inventory situation is challenging heading into the year" - brokerage

** Says farmers' appetite for expenditure on equipment to be affected by lower price expectation for grain

** Adds that agricultural equipment manufacturers anticipate having to under produce retail demand at least through the first half of 2025

** As of last close, the S&P 500 Agricultural & Farm Machinery sub-index had fallen 1.3% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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