Deere (DE) PT Raised to $485 at Morgan Stanley After Guidance Blows Away Expectations

November 26, 2021 8:04 AM EST
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Price: $364.03 -0.07%

Rating Summary:
    17 Buy, 15 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 13 | New: 20
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Morgan Stanley analyst Courtney Yakavonis raised the price target on Deere (NYSE: DE) to $485.00 (from $442.00) after the company initiated FY22 guidance that was ahead of consensus while absorbing ~$700-750M of incremental cost headwinds.

The analyst reiterated an Overweight rating, stating "DE's above-consensus FY22 guidance initiation despite incremental material cost & supply chain headwinds and a more severe than expected strike impact underscores the durability of DE's margin improvement narrative - with cycle support suggesting limited risk to top-line momentum".



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