Truist Securities analyst Jamie Cook reiterated a Buy rating and $793.00 price target on Deere (NYSE: DE).

The analyst commented: "We had the opportunity to host meetings with the entire executive management team of Deere & Company, including Chairman of the Board and Chief Executive Officer, John May; President, Worldwide Agriculture & Turf Division, Production & Precision Agriculture, and Americas and Australia, Deanna Kovar; and President, Worldwide Construction & Forestry Division and Power Systems, and Interim Chief Financial Officer, Ryan Campbell. Detailed takeaways are provided below.

Near-Term Trends Remain Encouraging: We believe Deere’s FY2026 guidance is intact, reflecting extended visibility in large Ag and C&F. Production slots for the early order product lines such as sprayers, combines, and planters are full for FY2026, and for HHP tractors Deere is already taking orders into fiscal 4Q’26. Deere has brought back 140 workers to Waterloo, its HHP farm equipment plant. Furthermore, while input costs like fertilizer are on the rise tied to the war with Iran, US farmers have already locked in input costs for FY2026. At the same time, prices for soft commodities like corn and soybean are improving, supported by the Renewable Fuel Standard, tight stocks-to-use ratios, and continued demand for grains. We believe the debate for 2027 is now more the pace of the recovery in large Ag. Construction equipment demand remains robust, with backlog out four to five months versus normalized levels of three months. Deere is increasing production in Dubuque, Iowa, to reduce lead times. DE remains comfortable with the $1.2B in tariff costs implied in its FY2026 guidance, even with recent price movement in steel and aluminum. Brazil is one market DE is watching closely for potential downside, although trends are still in line with expectations. Deere believes the company is in a strong position to react to any improvement in demand as markets inflect positively and can generate healthy incremental margins."

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Shares of Deere closed at $605.00 yesterday.