DA Davidson analyst Michael Shlisky reiterated a Buy rating and $685.00 price target on Deere (NYSE: DE).

The analyst commented, "We hosted investor meetings with the management team of DE (BUY) this week in Minneapolis, MN. IR Director Chris Siebert and Manager of Investor Communications Dan Pulley represented the company. DE reiterated that 2026 is likely the trough for Ag, given the state of early-order programs and what DE knows about the hours of use on its machines, lack of used alternatives, and the many plausible ways that farm fundamentals can turn favorable from here. Overall, global sentiment remains negative, but it appears there are multiple ways the Ag Equipment market can turn upward from here--we view this as favorable conditions to buy the shares."

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Shares of Deere closed at $598.97 yesterday.