DA Davidson analyst Michael Shlisky reiterated a Buy rating and $775.00 price target on Deere (NYSE: DE).

The analyst commented, "Following DE's introduction of its new self-produced mid-to-large excavators at ConExpo earlier this month, we decided to take a deeper dive into the product and the potential impact on earnings and valuation. Typically, DE's shares are driven largely by Heavy Ag, but our survey and analysis suggests that DE's new excavator lineup, once fully rolled out, has the potential to turn the C&F division into a substantially larger segment with Ag-like margins. As a result, for the first time, we are making C&F a core part of the DE investment thesis."

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Shares of Deere closed at $569.03 yesterday.