Another Analyst Downgrade for Deere Stock

Canaccord threw in a steep price-target cut as well

Laura McCandless

Deputy Editor

Sep 22, 2023 at 10:30 AM

Just a few days after Evercore ISI downgraded Deere & Co (NYSE:DE) on agricultural production cuts, Canaccord Genuity slashed DE's rating to "hold" from "buy," with a steep price-target cut to $400 from $530. The analyst in coverage cited industry data showing that spending on large agricultural equipment is slowing.

At last glance, DE was down 1.7% at $381.18, looking to extend yesterday's 3.7% deficit -- it's worst daily drop since April. Today's price action places the stock firmly below its 320-day moving average, which provided support for its mid-August pullback. Since the start of the year, the equity is down 11%.

Options traders are taking a cue from the downgrade cycle, with puts running at double their intraday average amount. The weekly 9/22 375-strike put is the most popular, with new positions being opened there.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.