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Deere price target lowered to $175 from $190 at RBC Capital
RBC Capital analyst Seth Weber lowered his price target on Deere to $175 after its Q2 earnings miss and disappointing "tempered" outlook for FY19, though he contends that the revision is not surprising in light of the U.S.-China trade tensions and bad weather. The analyst maintains his Outperform rating on Deere shares however, citing the benefits of the company's pricing stability and its strong performance in Brazil along with "flattish" E.U. Weber also expects the company's recent production cuts to position it well for 2020, noting that his bullish thesis remains intact even though he lowers his FY19 EPS view to $2.20 from $2.69