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Deere started at Buy at Stifel amid firming markets, cost takeouts

Published 04/11/2017, 10:59 AM
© Reuters.  Deere started at Buy at Stifel amid firming markets, cost takeouts
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  • Deere (DE -0.1%) is initiated with a Buy rating and $126 price target at Stifel, which sees the company as the top manufacturer of agricultural and construction machinery.
  • Stifel says the markets for Agricultural and Turf and Construction and Forestry have been under considerable pressure since 2013-14, yet DE has managed decrementals in the mid-20% range, and many of these markets now appear to be firming.
  • Stifel believes these firming markets coupled with the cost takeouts set the stage for considerably improved results when the firm sees markets beginning to turn in 2018.


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