Deere (DE) PT Raised to $380 at Oppenheimer

February 22, 2021 8:55 AM EST
Get Alerts DE Hot Sheet
Price: $405.91 -0.16%

Rating Summary:
    19 Buy, 15 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 32 | New: 9
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Oppenheimer analyst Kristen Owen raised the price target on Deere (NYSE: DE) to $380.00 (from $331.00) while maintaining a Outperform rating following results.

The analyst commented, "DE shares were up ~10% (vs. S&P's -0.2%) on Friday's beat-and-raise report, as the inflection in fundamentals seen in late Oct./Nov. accelerated driving +DD top-line growth and solid incremental margin performance. Given the portfolio now seen by mgmt. at mid-cycle, we view low interest rates, improved market access, and outlook for replacement demand supportive of a multi-year positive trajectory and believe DE's leadership position in precision ag and connected acres can drive outsized growth and structurally improved cross-cycle margins over the coming years. As we raise our estimates, we lift our PT to $380 from $331 and reiterate our Outperform rating."

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