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Deere Shares Down +10% Since June Highs; Earnings On Friday Morning's Docket

Deere Shares Down +10% Since June Highs; Earnings On Friday Morning's Docket - Deere & Company NYSE:DE

Ahead of Friday's earnings release, investor sentiment toward Deere & Company DE 0.63% remains weak, as there is near unanimity among analysts for the third quarter to be lackluster.

Across The Street

The Street consensus calls for an EPS of $0.94, with some estimates coming above $1, while others are quite below.

For instance, BMO Capital is looking for an EPS of $0.85, near the low end of the Street compared to the average estimate of $0.94. This kind of weak sentiment comes despite the company's EPS having topped estimates between 5.4 percent and 44.0 percent over the last four quarters.

Jefferies remains Neutral ahead of the earnings results for the third quarter, commenting, "With the 30-day RSI across our coverage averaging just shy of 50, investors on both sides of the Street seem to be uncertain what to do with numerous sell-side downgrades across the industrial space even as investors continue to drive share prices higher."

Another indication of weak-to-negative investor sentiment is the percentage of short interest in the issue, currently above 10 percent.

In the last one-month period, the following brokerages have given their rating.

  • Jefferies maintains its Hold rating and price target of $70.
  • BMO Capital has an Outperform rating and price objective of $96.
  • UBS downgraded the stock from Buy to Neutral with $80 as its price tag.
  • Piper Jaffray also downgraded the shares of the company from Neutral to Underweight.

At time of writing, shares of Deere & Company were down 0.77 percent at $76.83.

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DateFirmActionFromTo
Jul 2016UBSDowngradesBuyNeutral
Jul 2016PiperJaffrayDowngradesNeutralUnderweight
Jun 2016Goldman SachsUpgradesNeutralBuy

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