Deere (DE) Look Cheap After Earnings - BofA Securities
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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".
Shares of Deere closed at $330.00 yesterday.
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