On Nov 22, major Wall Street analysts update their ratings for $Deere (DE.US)$, with price targets ranging from $410 to $538.
Citi analyst Kyle Menges maintains with a hold rating, and adjusts the target price from $420 to $410.
Barclays analyst Adam Seiden maintains with a buy rating, and adjusts the target price from $400 to $475.
UBS analyst Steven Fisher maintains with a hold rating, and adjusts the target price from $408 to $462.
Baird analyst Mircea Dobre maintains with a buy rating, and maintains the target price at $440.
Oppenheimer analyst Kristen Owen maintains with a buy rating, and maintains the target price at $448.
Furthermore, according to the comprehensive report, the opinions of $Deere (DE.US)$'s main analysts recently are as follows:
There were few surprises in the recent quarterly earnings and guidance. Despite ongoing challenges expected into early FY25, the company has effectively positioned itself to align production with retail demand amidst rapidly evolving market conditions.
Deere's shares are anticipated to command a premium over the core market valuation as the "trough" math becomes evident. Nonetheless, the forecast for Deere being heavily weighted towards the second half of fiscal 2025 might carry some downside risks rather than expectations of outperformance.
The cyclical framework aligns with Deere's guide with Brazil stabilizing and a positive pricing outlook for 2025.
Production adjustments are currently resulting in desired outcomes, with dealer destocking observable in both the agricultural and construction sectors. Analysts note that projections for the 2025 North America Large Agriculture sector suggest a further 30% decrease, potentially setting industry volumes at multi-decade lows, with small tractor volumes hitting a 10-year low. Despite these challenges, it is expected that Deere will achieve significantly higher margins and earnings compared to previous cycles, enhancing the usual cyclical multiple expansion based on fundamental troughs.
Here are the latest investment ratings and price targets for $Deere (DE.US)$ from 6 analysts:
Note:
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