(CercleFinance.com) – The stock of American agricultural machinery manufacturer Deere fell on Wall Street on Friday, penalized by a lower recommendation from analysts at Canaccord Genuity.
Around 11:00 a.m. (New York time), the stock fell more than 2.1%, showing one of the biggest declines in the S&P 500 index.
The Canaccord teams lowered their recommendation on the stock this morning, going from ‘buy’ to ‘neutral’, with a price target reduced at the same time from 530 to 400 dollars.
The Canadian design office explains that it prefers to distance itself from value in view of an environment expected to be less buoyant in the medium term.
‘Sectoral data shows a slowdown in growth in agricultural equipment volumes, at a time when stocks of used equipment are starting to rise again at dealers and stocks of new equipment are quickly normalizing,’ worries Canaccord.
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