10:31 AM EDT, 08/16/2024 (MT Newswires) -- Deere (DE) has maintained a healthy margin structure in its agricultural businesses upon delivering "solid" fiscal Q3 results as the company gears up for the most notable production cuts of the year in fiscal Q4, Oppenheimer said in a note emailed Friday.

"Whether its dealer actions and underproduction are effective at enabling it to produce in line with demand in early 2025 remains the crux of the investment debate," the firm said.

Oppenheimer raised its fiscal 2024 outlook for Deere to earnings per share of $25.21 on total revenue of $51.15 billion from its previous forecast of EPS of $24.69 on total revenue of $50.79 billion.

For the company's fiscal 2025, Oppenheimer lowered its outlook to EPS of $23.17 on total revenue of $47.16 billion from its prior expectation of EPS of $23.22 on total revenue of $48.69 billion.

Oppenheimer maintained Deere's outperform rating and $448 price target.

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