Barclays Lowers Deere & Company Price Target

On Thursday, analysts at Barclays lowered the price target on shares of Deere & Company DE from $94 to $93 and maintained the Overweight rating.

Andy Kaplowitz finds “Our View is that DE's initial FY15 outlook sets a realistic expectation for the company's earnings power amidst a steep cyclical correction in global ag.”

“It's too soon to say FY15 will mark the bottom, but we do agree with DE that the probability of similar declines repeating in FY16 is decreasing. Because of that and further recognition of DE's cash flow/deployment potential, we think the multiple on DE's stock should continue to rise modestly over time.”

Shares of Deere & Company recently traded at $86.12 down 1 percent Friday morning.