Truist analyst Jamie Cook raised the firm’s price target on Deere (DE) to $619 from $546 and keeps a Buy rating on the shares. The firm updated its FY25, FY26, and FY27 EPS estimates to $18.55, $24.20, and $30.00, respectively, after Deere reported Q2 EPS that exceeded consensus by 19%. While Deere’s stock has worked due to the market’s increasing confidence farm equipment is at the bottom, the firm believes the market underappreciates Deere’s earnings power as the cycle recovers and the opportunity to outgrow the market in strategic regions like Brazil and through increased adoption of precision ag, the analyst tells investors.
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