BUZZ-Citigroup cuts Deere & Co PT citing weak agri-equipment demand
Reuters03-09
BUZZ-Citigroup cuts Deere & Co PT citing weak agri-equipment demand
** Citigroup cuts PT on tractor maker Deere & Co DE.N to $625 from $675; reiterates "neutral" rating
** New PT still represents a 6% upside to stock's last close
** DE down 1.3% in premarket trading
** Brokerage says 2026 is likely to represent trough for large agricultural equipment demand
** Adds muted grain prices, pressured farm incomes and elevated machinery prices suggest North American and global demand for new large agricultural equipment may stay subdued for several years
** Median PT of 25 brokerages covering the stock is $673.5 - data compiled by LSEG
** As of last close, DE up 26.7% YTD
(Reporting by Megavarshini G. Somasundaram in Bengaluru)
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