Bank of America Increases Deere & Company (NYSE:DE) Price Target to $715.00

Key Points

• Bank of America raised Deere & Company’s price target from $667 to $715, implying approximately 0.79% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $686.10; individual targets range as high as $813.
• Deere reported quarterly EPS of $5.10, exceeding the $4.69 consensus estimate, while revenue reached $12.61 billion and increased 6.2% year over year.

Deere & Company (NYSE:DE - Get Free Report) had its price target raised by analysts at Bank of America from $667.00 to $715.00 in a research report issued on Thursday. Bank of America's price objective would suggest a potential upside of 0.79% from the company's previous close.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. raised their target price on Deere & Company from $570.00 to $585.00 and gave the company a "neutral" rating in a research report on Friday, August 21st. Citigroup boosted their price target on shares of Deere & Company from $610.00 to $650.00 and gave the company a "neutral" rating in a research report on Friday, August 21st. Evercore upgraded shares of Deere & Company from an "in-line" rating to an "outperform" rating and set a $813.00 price objective on the stock in a report on Wednesday, September 2nd. DA Davidson lifted their price objective on Deere & Company from $685.00 to $760.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Finally, Wall Street Zen cut shares of Deere & Company from a "hold" rating to a "sell" rating in a research report on Saturday, August 22nd. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $686.10.

Deere & Company Trading Up 0.9%

Deere & Company stock opened at $709.40 on Thursday. Deere & Company has a one year low of $433.00 and a one year high of $721.22. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10. The stock has a market cap of $191.27 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 2.90 and a beta of 0.90. The stock has a 50-day moving average of $639.19 and a two-hundred day moving average of $601.78.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.41. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The firm had revenue of $12.61 billion during the quarter, compared to analysts' expectations of $10.81 billion. During the same period last year, the business posted $4.75 earnings per share. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, research analysts anticipate that Deere & Company will post 18.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DE. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Deere & Company in the 2nd quarter worth about $27,000. Kilter Group LLC purchased a new stake in Deere & Company in the second quarter valued at approximately $29,000. Solstein Capital LLC acquired a new position in Deere & Company during the second quarter worth approximately $30,000. Orion Capital Management LLC purchased a new position in Deere & Company during the second quarter worth approximately $32,000. Finally, Markowski Investments purchased a new position in Deere & Company during the second quarter worth approximately $34,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

About Deere & Company

Deere & Company, operating under the John Deere brand, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. Its products include tractors, combines, harvesters, planters, sprayers, loaders, excavators, skid steers, forestry machines, commercial mowing equipment and compact utility tractors. The company also develops precision agriculture and construction technologies, including machine guidance, automation, data-management and connected-equipment solutions.

Founded by blacksmith John Deere in 1837, the company has grown from its original steel plow business into a diversified equipment and technology provider.

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