Citi lowers PT, EPS estimates for agri equipment makers; expects rough H2 FY24
** Citi cuts PT for agriculture equipment makers Deere DE.N to $370 from $395, for AGCO AGCO.N to $88 from $102 and for CNH Industrial CNH.N to $15 from $16
** "Outlook for row crop stocks-to-use/prices continues to be bearish. Considering the high correlation between row crop prices and large ag demand, this suggests ag equipment markets will continue to be challenged," Citi says
** Lowers EPS estimates for DE for FY24 to $24.50 from $25.40 and for FY25 to $22.90 from $24.50
** Lowers its FY24 adj. EPS forecast for CNH to $1.37 from $1.50/shr and for AGCO to $8.05 from $8.20/shr
** "We expect another guidance cut from DE when it reports this week," Citi says
** 13 of 24 brokerages rate DE "buy", 9 of 15 rate AGCO "hold", and 11 of 21 rate CNH "hold"
** DE down 12.3%, AGCO down 27.3%, CNH down 21% so far this year
Reporting by Abhinav Parmar in Bengaluru
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