BUZZ-Baird downgrades farm equipment makers citing uncertainty over sector recovery
ReutersMar 3, 2025 1:26 PM
Baird downgrades farm equipment makers Deere & Co DE.N, CNH Industrial CNH.N and AGCO AGCO.N to "neutral" from "outperform"
"H1 2025 marks the bottom in agricultural production, while inventories will continue to gradually destock; but this is now the consensus view and reflected in stock performance over the past 3 months" - brokerage
Uncertainty looms for sector as commodity prices still lack traction and farmers are dealing with meaningful policy uncertainty, Baird says
OEM margins could be further pressured by shocks from tariffs and rising steel prices - brokerage
S&P 500 Industrials .SPLRCI index up 3.3% YTD; it increased 15.6% in 2024
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