UPDATE: Deere (DE) PT Raised to $365 as Stifel Expects the Cycle to Persist Through 2023
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Stifel analyst Stanley Elliott raised the price target on Deere (NYSE: DE) to $365.00 (from $325.00) after the company reported another huge beat in Q1 with a strong outlook for 2021 backed by orders.
The analyst reiterated a Buy rating, stating "Deere’s large Ag order boards currently extend out to Q4, and with the EOP they account for nearly the entire year. Pricing has remained impressive, and while it is expected to slow over the course of the year it should remain favorable (guide embeds +6% PPA, +2% Small A&T, +2% C&F). Deere’s guidance also includes $500mn in freight and materials costs from Q2-Q4 (over half in PPA) as material prices and freight rates surge. The 2022 mid cycle margin target of 15% is expected to be recast in 2022, with Deere focused on delivering 2021 outlook. In a typical peak, Deere would reach 120-130% of mid cycle, and we forecast Deere meeting this in 2023."
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