Deere initiated with a Buy at Canaccord

Canaccord initiated coverage of Deere with a Buy rating and $530 price target. Innovations across Ag inputs and equipment should provide key pillars for necessary change, and while Deere is a leading incumbent within the conventional farming system, it is also a Precision Agriculture leader, and its innovations are helping drive a transition to sustainable agricultural production, the analyst tells investors in a research note. Since its keynote at CES in 2022, John Deere has received increasing attention as a major provider of semi-autonomous and autonomous Ag equipment solutions, while interest in AI is putting the company’s vast agronomic data set in the spotlight, the firm says.