Deere price target raised to $537 from $522 at Morgan Stanley

Morgan Stanley analyst Dillon Cumming raised the firm’s price target on Deere to $537 from $522 and keeps an Overweight rating on the shares. Deere’s recently reported "strong" quarter and "outsized" FY23 guidance increase reflects the "increasing number of earnings levers available to the company," the analyst tells investors in a research note. Strong farm profitability, elevated fleet ages, and low dealer inventories are driving "a more durable cycle than appreciated," the firm added.