Deere & Co.'s stock (DE, -1.37%) experienced a 1.2% drop on Tuesday, marking its sixth consecutive decline. Over this period, the stock has suffered a total loss of 11.9%, according to Dow Jones Market Data.
Beating Q3 Earnings Estimates but Uncertainty for Q4
Although the maker of agricultural equipment exceeded earnings expectations for its fiscal third quarter, its guidance for the current quarter suggests that it may fall short of forecasts. Analysts from Oppenheimer noted that Deere's guidance indicates a somewhat subdued fourth quarter, with an estimate of approximately $7.45 per share. This falls just short of the FactSet consensus figure of $7.51 per share.
Positive Outlook from UBS Analysts
In contrast to the cautious outlook, analysts from UBS remain optimistic about Deere's performance. They highlighted the company's strong execution in a note published on Monday. The analysts pointed out that investors should focus on 2024, as the volume projections for that period are still uncertain. Initial orders indicate potential growth in sprayers and relatively stable figures for planters.
Performance and Comparison to S&P 500
Year-to-date, Deere & Co.'s stock has experienced a decline of 10%. Meanwhile, the S&P 500 (SPX, -0.24%) has achieved a gain of 14.5%.
