DA Davidson analyst Michael Shlisky keeps his Buy rating and $445 price target on Deere ahead of the company’s Q4 earnings on November 23. The analyst states that his checks with suppliers suggested that some pre-season order programs were not even offered this year, as there are no spare build slots for quite some time. While supply chain factors, small ag business, and currency headwinds remain near term risks, positive trends are set to continue into at least 2024, Shlisky tells investors in a research note. The analyst also notes that near-final WASDE reports suggest some of the lowest crop inventories of the last 20 years, and despite the rising input prices, his current crop model suggests that U.S. farm income per acre will remain close to 2022 levels.
Published first on TheFly
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