Deere (DE) Earnings Preview, Oppenheimer Remains Bullish

Oppenheimer analyst Kristen Owen reiterated an Outperform rating and $418.00 price target on Deere (NYSE: DE) ahead of 3Q21 EPS this Friday. Commodities prices are above investment levels, and there are signs of improvement in pockets of industry retail inventories.

The analyst stated "Strong ag demand, improving non-res construction activity and low dealer inventories support healthy top-line expectations (+25% yr/yr). DE’s 2H guidance contemplated $750M in incremental freight ($250M) and material ($500M) costs driving lower sequential margin, offset with price leadership (FY +5.5%). Consensus estimates have ticked up in recent weeks, FY21 net income now comfortably at the high end of the guided range."

For an analyst ratings summary and ratings history on Deere click here. For more ratings news on Deere click here.

Shares of Deere closed at $383.03 yesterday.

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