Deere & Co. (NYSE:DE) shares inched higher in early trading on Friday, after the company reported upbeat fiscal fourth-quarter results.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
Goldman Sachs On Deere & Co.
Analyst Jerry Revich maintained a Buy rating while raising the price target from $466 to $504.
Deere's fiscal fourth-quarter results revealed sa ignificant inventory destock of $2.6 billion "to bring dealer inventories to levels approaching prior trough," Revich said in a note. The used agricultural machinery market showed "signs of stabilization," as inventories down 1% over the past six months, he added.
The company's initial 2025 guidance reflects "40%+ decremental margins vs. 36% in 4Q24 and 36% for the full year," the analyst wrote. In precision agriculture, adoption rates have continued to rise across Deere's portfolio and revenues in this business could reach around $5 billion this year, he further stated.
Check out other analyst stock ratings.
Oppenheimer On Deere & Co.
Analyst Kristen Owen reiterated an Outperform rating while lifting the price target from $448 to $477.
Deere reported earnings of $4.55 per share on revenues of $11,143 million, higher than consensus of $3.87 per share and $11,052M, respectively, Owens said. "DE executed against its targeted underproduction in F4Q, enabling it to enter FY25 from a position of relative strength," he added.
The outlook is still concerning, with global agriculture fundamentals likely to deteriorate further in 2025, the analyst stated. "That said, the guide embeds an outlook for production cadence converging with demand, muted but positive price and price/cost, and solid cost execution," he further wrote.
BMO Capital Markets On Deere & Co.
Analyst Joel Jackson reaffirmed a Market Perform rating and a price target of $400.
The company's net income guidance range of $5 billion to $5.5 billion represents a contraction of around 50% from the 2023 peak, Jackson said. Management's commentary suggested performance could turn flattish or positive "at some point" in the second half of fiscal 2025, he added.
"Used equipment dynamic still normalizing for 1-2 year old combines/tractors in N. America," the analyst wrote. He further stated that fiscal 2025 earnings trough is expected to be below $20 per share.
DE Price Action: Shares of Deere & Co. had risen by 1.46% to $443.92 at the time of publication on Friday.
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Deere & Co.(紐約證券交易所代碼：DE）股價在週五早盤交易中小幅走高，此前該公司公佈了樂觀的第四財季業績。
該公司在令人興奮的業績期中公佈了業績。以下是一些重要的分析師要點。
高盛On Deere & Co.
分析師傑裏·雷維奇維持買入評級，同時將目標股價從466美元上調至504美元。
裏維奇在一份報告中說，迪爾第四財季的業績顯示，大量庫存減少了26億美元，「使經銷商庫存達到接近先前低點的水平」。他補充說，二手農機市場顯示出 「穩定的跡象」，庫存在過去六個月中下降了1％。
該分析師寫道，該公司最初的2025年指引反映了 「40％以上的遞減利潤率，而24年第四季度爲36％，全年爲36％」。他進一步表示，在精準農業領域，迪爾投資組合的採用率持續上升，該業務的收入今年可能達到約50億美元。
查看其他分析師股票評級。
Oppenheimer on Deere & Co.
分析師克里斯汀·歐文重申了跑贏大盤的評級，同時將目標股價從448美元上調至477美元。
歐文斯說，迪爾公佈的每股收益爲4.55美元，收入爲111.43億美元，分別高於市場預期的每股3.87美元和110.52億美元。他補充說：「德國在第四季度的目標產量不足的情況下執行了任務，使其能夠從相對強勁的位置進入25財年。」
分析師表示，前景仍然令人擔憂，2025年全球農業基本面可能會進一步惡化。他進一步寫道：「儘管如此，該指南體現了生產節奏與需求趨同的前景，低迷但積極的價格和價格/成本以及穩健的成本執行。」
BMO Capital Markets on Deere & Co.
分析師喬爾·傑克遜重申了市場表現評級和400美元的目標股價。
傑克遜說，該公司的淨收入預期在50億美元至55億美元之間，較2023年的峯值收縮了約50％。他補充說，管理層的評論表明，在2025財年下半年，業績可能在 「某個時候」 趨於平緩或樂觀。
該分析師寫道：「對於北美已有1-2年曆史的組合機/拖拉機，二手設備動態仍在正常化。」他進一步表示，預計2025財年的收益低點將低於每股20美元。
德國價格走勢：週五發佈時，迪爾公司的股價上漲了1.46％，至443.92美元。
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