Deere & Co.’s stock
DE,
fell 1.2% Tuesday and was on track for a sixth straight decline, for a total loss of 11.9% over the period, according to Dow Jones Market Data. The maker of agricultural equipment beat earnings estimates for its fiscal third quarter last week but offered guidance that implies it could fall short of forecasts this quarter. Oppenheimer analysts said guidance from Deere “implies a more muted” fourth quarter, of about $7.45 a share, below the FactSet consensus figure of $7.51 a share. UBS analysts are upbeat, however. “Deere is executing well,” they wrote in a note published on Monday. “The main focus for investors is now 2024, where the jury is still out on volumes. Early orders indicate that sprayers will be up, and planters could be flattish.” The stock has fallen 10% in the year to date, while the S&P 500
SPX,
has gained 14.5%.