Deere (DE – Research Report), the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Matt Elkott from TD Cowen maintained a Hold rating on the stock and has a $383.00 price target.
Matt Elkott has given his Hold rating due to a combination of factors related to Deere’s recent product launches and the agricultural market sentiment. Despite Deere’s introduction of new, high-horsepower, autonomy-ready tractors and AI-powered See & Spray technology on its Hagie STS sprayers, the subdued sentiment among farmers remains a concern. The recent decline in crop prices and skepticism about a near-term recovery in commodity prices have contributed to a cautious outlook. Elkott’s assessment suggests that while Deere’s technological advancements are noteworthy, the current market conditions and farmer sentiments are tempering the company’s growth prospects.
Furthermore, even though the new Deere products offer increased efficiency and potential cost savings, such as the reduction in herbicide use by more than 50%, Elkott seems to believe that these benefits might not be enough to spur immediate growth for Deere’s stock. The report implies that the cost of upgrading to these new technologies may be relatively modest for farmers, but the overall investment mood is cautious due to the broader economic factors affecting the agricultural sector. As a result, Elkott maintains a neutral stance, recommending investors to hold off on any aggressive positioning in Deere’s stock for the time being.
According to TipRanks, Elkott is a 5-star analyst with an average return of 17.4% and a 66.67% success rate. Elkott covers the Industrials sector, focusing on stocks such as Deere, Trinity Industries, and Westinghouse Air Brake Technologies.
In another report released on February 20, Evercore ISI also maintained a Hold rating on the stock with a $387.00 price target.
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Deere (DE) Company Description:
Founded in 1837, Illinois-based Deere & Co. manufactures and distributes various equipment that is used in agriculture, construction, forestry, and turf care. The company operates through three business segments: Agriculture and Turf, Construction and Forestry, and Financial Services.
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