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JPMorgan downgrades Deere (DE -1.2% to $75.88) to "Underweight" from "Overweight" and predicts...

JPMorgan downgrades Deere (DE -1.2% to $75.88) to "Underweight" from "Overweight" and predicts that the drought in the Midwest will hurt the company's tractor sales as farmers "take a "wait and see" attitude to equipment purchases towards year-end and into 2013." JPMorgan also cuts its price target for Deere to $78 from $98.
Comments (3)
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    JPM needs to downgrade themselves.

     

    All bullshit, all the time..
    17 Jul 2012, 09:38 AM Reply Like
  • PalmDesertRat
    , contributor
    Comments (2941) | Send Message
     
    bot some de this morning at 75.18
    17 Jul 2012, 09:39 AM Reply Like
  • jjmc2001
    , contributor
    Comments (1293) | Send Message
     
    I pay little heed to analyst downgrades as they are always late to the party. However the Midwestern drought is very real and will put a severe squeeze on farm income. Furthermore idle tractors and combines do not break thus lowering the need for profitable parts. I am a Deere advocate but 2012 is shaping up as a tough year with the construction end of the business uncertain and US agriculture in terrible shape. Crop insurance will save the farmers from economic disaster but will not give them sufficient cash flow to warrant large scale equipment purchases.
    17 Jul 2012, 10:41 AM Reply Like
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