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The Moline, Illinois-based company posted a 60% rise in quarterly profit, yet investors were seemingly unimpressed as shares slumped for the world's largest farm equipment maker. While it easily beat profit expectations, Deere's stock slump is consistent with other cyclical companies that have outperformed estimates. Deere expects 2023 net income between $9.75 billion and $10.00 billion, up from its previous outlook of $9.25 billion to $9.50 billion. Construction and forestry equipment sales increased 14% on solid demand backdrop fueled by U.S. President Joe Biden administration's $1 trillion infrastructure deal. Sales from equipment operations rose about to $14.28 billion compared to $13 billion a year ago.

Persons: Bianca Flowers, Deere, Kristen Owen, Owen, Jerry Revich, Goldman Sachs, Joshua Jepsen, Joe Biden administration's, Vinay Dwivedi, Elaine Hardcastle, Marguerita Choy Organizations: Deere, Co, REUTERS, Oppenheimer, Co Inc, Goldman, Deere's, U.S, Thomson Locations: Bondurant , Iowa, U.S, Moline , Illinois, Chicago, Bengaluru

☆ This under-the-radar filtration stock could rally more than 50%, Goldman Sachs says
▼ + stars: | 2023-06-20 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Atmus Filtration is worth buying following its initial public offering, Goldman Sachs said. Analyst Jerry Revich initiated coverage of the filtration stock, whose initial public offering took place in late May, at buy. However, he said the company can expand outside the core market that's valued at $15 billion into the broader industrial filtration market valued at $45 billion. And the already existing internal IP should be useful as the filtration technology in the two markets is similar, he said. "In our view, as a standalone company, Atmus will further build on its strengths," Bank of America analyst Andrew Obin said in his upgrade.

Persons: Goldman Sachs, Jerry Revich, Revich, Atmus, Wells Fargo, Andrew Obin, CNBC's Michael Bloom Organizations: Cummins, JPMorgan, Bank of America Locations: Friday's, Cummins

☆ This construction stock could gain more than 20% as inflation pressures recede, Goldman Sachs says
▼ + stars: | 2023-04-03 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Vulcan Materials shares should see a better year as inflation cools, according to Goldman Sachs. Analyst Jerry Revich upgraded the construction stock to buy from neutral. And unit profitability, which he said is a key stock price driver, should accelerate as inflation stabilizes but prices remain elevated. While private construction spending is tied to the U.S. banking sector, he said aggregate volumes are down around 10% compared with the same period a year ago. And public construction spending should be strong, he said, as pent up demand from Covid years turn to contracts, he said.

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