Deere reports February utility tractor sales down single digit Deere reports North American industry utility tractor sales were down 1% in February and that Deere utility tractor sales were down a single digit but more than the industry in the month. Deere said industry row crop tractor sales were down 6% for the month and that Deere sales were down less than the industry. Deere said industry 4WD tractor sales were down 14% and Deere 4WD sales were down double-digits but were down less than the industry. Deere said industry combine sales were down 15% for the month and Deere combine sales were down more than the industry.
Deere price target lowered to $69 from $78 at Goldman Goldman lowered Deere estimates and reduced its price target to $69 based on lower AG and TURF margin forecasts, and declining financial services margins. The firm reiterates its Sell rating based on an extended multi-year downturn in the ag equipment industry.