Deere price target raised to $510 from $492 at DA Davidson

DA Davidson analyst Michael Shlisky raised the firm’s price target on Deere to $510 from $492 and keeps a Buy rating on the shares. Recent developments are likely to speed up the timeline of EV adoption and put downward pressure on ethanol use, driving reduced corn & soybean acreage by 20% over the long term, but Deere’s shift to SaaS-based products is likely to provide an offset to these trends, the analyst tells investors in a research note.