Deere Earnings: Weaker Demand Leads Management to Lower 2024 Guidance
Deere’s stock was down approximately 4% in intraday trading, following fiscal second-quarter earnings. We think the market reacted negatively to lower 2024 guidance. Management’s update led us to lower our fair value estimate by 1.5% to $339 per share, which is down from $344 previously. Our valuation reflects the lower demand environment across Deere’s segments.