Deere Tracking Ahead of Management’s Original 2018 Forecast
We've refreshed our model for wide-moat Deere to reflect its recently published 10-K filing and our 2018 agriculture equipment outlook; as discussed in our recent Deere company report, we adjusted our fair value estimate to $140 per share from $127. However, following Deere’s first-quarter results, we expect to raise our fair value estimate further, to $160 per share, given the company’s upbeat 2018 outlook with which we agree in part due to benefits from U.S. tax reform and continued worldwide ...
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