Goldman Sachs Reiterates Sell Rating on Deere (DE)

Goldman Sachs maintained a Sell rating on Deere (NYSE: DE) with a price target of $85. Analyst Jerry Revich called capex cuts prudent.

"We view Deere’s 2Q results as broadly in-line, as Deere is prudently reducing capex and overhead costs ahead of what we view as a challenging multi-year outlook in US ag equipment capex. While Deere left full year net income guidance unchanged, there’s a ~$50 mn benefit from lower tax rate, and the outlook for E Europe capex has deteriorated," said Revich.

For an analyst ratings summary and ratings history on Deere click here. For more ratings news on Deere click here.

Shares of Deere closed at $93.61 yesterday.

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