Deere price target raised to $477 from $475 at Stifel

Stifel analyst Stanley Elliott raised the firm’s price target on Deere to $477 from $475 and keeps a Buy rating on the shares. In his 2023 outlook note for his Machinery, Construction Materials and Building Products coverage, the analyst stated that he expects "typical late-cycle trends" – including slowness in housing but non-residential accelerating – to unfold and also expects the price/cost environment to generally improve.