EVR - Why Deere Stock Is Falling Today
2023-09-19 12:58:05 ET
Shares of Deere & Company (NYSE: DE) have significantly outperformed the broader markets over the past five years, but at least one analyst is concerned that the momentum might be about to fade. Shares of Deere traded down as much as 2.9% on Tuesday after the stock received a downgrade from Evercore ISI (NYSE: EVR) .
Deere has been on an impressive run of late. The manufacturer of agriculture and construction equipment has enjoyed a strong upgrade cycle in its core markets. That in turn has fueled a 168% gain in the stock over the past five years, more than three times what the S&P 500 has delivered.
Evercore analyst David Raso believes things get harder from here. The analyst downgraded Deere shares to perform in line with the S&P from outperform and cut his price target to $424, from $456. Raso sees potential for revenue weakness in the final months of the year.
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Why Deere Stock Is Falling Today