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News Breaks | | | | March 20, 2013 | | 10:04 EDT |  | DE, AGCO | Deere, AGCO shares fall after Wells Fargo cuts ratings
Aricultural equipment makers Deere (DE) and AGCO (AGCO) are retreating after Wells Fargo analyst Andrew Casey downgraded both stocks to Underperform from Market Perform in a note to investors earlier today. Casey now expects U.S. large farm equipment sales to sink on average 15%-20% in 2014 and 20%-25% in 2015, due to his commodity price outlook. Analysts' estimates for Deere's 2014 and 2015 results may drop significantly, and an upcoming decline in corn prices could pressure the stock, added the analyst. He slashed his price target range on Deere to $72-$75 from $90-$93. Similarly, Casey expects AGCO's shares to be pressured by decreasing commodity prices, and potential downward earnings estimate revisions for 2014 and beyond. The analyst also contended that AGCO - whose shares are generally "associated" with those of Deere, he believes - will be pressured by a potential longer term decline in Deere's stock. Casey cut his price target range on AGCO to $40-$43 from $51-$54. In early trading, Deere declined 2% to $89, while AGCO sank 3% to $51.50. | |
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News For DE;AGCO From The Last 14 Days Check below for free stories on DE;AGCO the last two weeks. |
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| June 18, 2013 | | 06:43 EDT |  | DE | White House says president would veto House farm bill, Politico reports
The White House warned yesterday that President Obama would veto the farm bill that the House is considering, according to Politico. The White House objects to cuts in food stamps in the bill, and wants to cut crop insurance subsidies instead, the website stated. Reference Link | | | June 17, 2013 | | 09:58 EDT |  | DE | Deere FY14 EPS estimate lowered below Street at Cleveland Research
 Subscribe for More Information | | | June 12, 2013 | | 07:52 EDT | | DE | Deere says May utility tractor sales flat, row crop sales up over 18%
Industry utility tractor sale were up 6% in May, though Deere sales were flat in the month, the company said. May sales of row crop tractors were up 18% for the industry and Deere sales were up more than the industry in the category, the company said. Industry sales of four-wheel drive tractors were down 9% for May, while Deere sales in the category were down "low double digits." | | | June 11, 2013 | | 07:05 EDT | | DE | Senate passes farm bill, Politico reports
Subscribe for More Information | | | June 10, 2013 | | 07:19 EDT |  | DE | PTC to host conference
Subscribe for More Information | | | June 5, 2013 | | 07:33 EDT | | AGCO | JPMorgan to host a conference
8th Annual Diversified Industries Conference is being held in New York on June 4-5 with webcasted company presentations to begin on June 5 at 8 am; not all company presentations may be webcasted. Webcast Link | |
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