Deere (DE) Look Cheap After Earnings - BofA Securities

BofA Securities analyst Ross Gilardi reiterated a Buy rating and $330.00 price target on Deere (NYSE: DE) after the company reported another substantial beat and raised its FY21 net income outlook to $4.6-5.0bn (v $3.6-4.0bn prior), implying FY21 EPS of $14.70-16.00 per share. This represents a 13-23% boost to FY21 consensus EPS of $12.94.

The analyst stated "This leaves DE on an attractive 18.8x FY21 EPS at the high end of the guideance. DE raised its total FY21 Ag & Turf margin outlook to 17.5-18.4% (vs. the prior 15.5-16.5%) and C&F to 10.5-11.5% (vs. prior 9-10%). Concerns over rising steel input costs seem a bit trivial in context of booming farm economy, pricing power and pickup in Construction. Expect outperformance to resume".

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 $330.00 yesterday.

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