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Major Bank Rating | Citibank: Downgraded target price for agriculture equipment manufacturers due to weak retail demand next year.
Citigroup has lowered the target price for Deer Company from $420 to $410, for AGCO Corporation from $100 to $95, and for Sky New from $15 to $13. Analysts indicated that expectations have been comprehensively revised downward, with a significant reduction in the forecast for 2025, as grain price outlook and dealer inventory levels will face challenges this year. Agriculture equipment manufacturers also expect that retail demand will remain weak at least until the first half of 2025. (Gelonghui)