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|  | MAY 10, 2004
 WORD ON THE STREET JP Morgan Downgrades Deere to Neutral Analyst Gary McManus says prospects of higher interest rates could restrain the machinery sector from further gains JP Morgan downgraded Deere (DE ), Navistar (NAV ), Cummins (CMI ), and Terex (TEX ) to neutral from overweight. Analyst Gary McManus says his less bullish stance toward the machinery sector reflects fact that group significantly outperformed in the past three years, but may have difficulty further appreciably outpacing the market with prospects of higher interest rates. McManus notes while slipping recently, Deere's stock still has risen 45% since the beginning of last year, well outperforming the market's 25% gain. He says the downgrade doesn't reflect any fundamental changes, as he believes industry trends could improve significantly in the next few years.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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