Morgan Stanley Reiterates Overweight Rating on Deere (DE), 'DE is one of the highest quality, most defensive names'

Morgan Stanley analyst Courtney Yakavonis reiterated an Overweight rating and $452.00 price target on Deere (NYSE: DE)

The analyst comments "DE is one of the highest quality, most defensive names within the broader Machinery universe, given an historically lower cyclicality of Ag Equipment and history of strong management execution. FY22 & FY23 should see a continued acceleration in the NA large ag replacement cycle, as commodity tailwinds are complemented by moderating trade headwinds and improving farmer sentiment. With mgmt over-executing against its 15% mid-cycle operating margin target and recently raising the target to ~20%, we see continued momentum in DE's margin improvement narrative - representing one of the most attractive idiosyncratic margin improvement narratives in the broader Machinery group."

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 $317.93 yesterday.

You May Also Be Interested In

• Ameriprise Financial (AMP) PT Raised to $445 at Morgan Stanley
• Xiaomi's 2024 investor day will boost confidence - Morgan Stanley
• Orange shares down despite reporting in-line core operating profit in Q1