BUZZ-Baird downgrades farm equipment makers citing uncertainty over sector recovery

Reuters

2025/03/03

** 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

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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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  ","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"AGCO":"爱科集团","CNH":"凯斯纽荷兰环球","DE":"迪尔股份有限公司"},"translate_title":"巴兹贝尔德以行业复苏的不确定性为由下调农业设备制造商的评级","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AGCO":0.9,"DE":0.9,"CNH":0.9},"content_text":"BUZZ-Baird downgrades farm equipment makers citing uncertainty over sector recovery** 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; 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