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Deere (DE) Stock Gets Price Target Cut at BMO

NEW YORK (TheStreet) -- Deere & Co. (DE - Get Report) stock had its price target dropped to $70 from $77 at BMO Capital Market, which maintained its "market perform" rating.

The heavy machinery manufacturer is expected to see a decline in margins because of lower agricultural equipment capacity utilization levels, as well as a weak outlook for North American and Latin American tractor industries, BMO said in an analyst note.

Additionally, Deere's lower guidance in construction and forestry shows an overall slowdown in the industry.

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Equipment sales are expected to fall about 24% for the fourth quarter and 21% for fiscal 2015.

Deere, however, has long-term potential if corn prices increase, which will lead to a delayed boost for the company.

"Despite nearer-term concerns around cyclical trends, we believe Deere is clearly becoming the best run agricultural equipment (and like construction...