Deere & Co

DE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$773.00	Bnkk	Whkvvzkcgv

Deere Earnings: Weaker Demand Leads Management to Lower 2024 Guidance

Dawit Woldemariam

May 16, 2024

Deere’s stock was down approximately 4% in intraday trading, following fiscal second-quarter earnings. We think the market reacted negatively to lower 2024 guidance. Management’s update led us to lower our fair value estimate by 1.5% to $339 per share, which is down from $344 previously. Our valuation reflects the lower demand environment across Deere’s segments.

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