#3 - Deere & Co. (NYSE:DE)
Deere & Co. (NYSE: DE) is synonymous with their iconic heavy equipment. But the company is also one of the leading manufacturers of autonomous agricultural equipment. The emerging labor shortage is particularly acute on farmland.
Deere offers a number of precision agricultural solutions, including GPS-equipped tractors, smart planting techniques, and data analysis farming tools. Not only can these help farmers to be more efficient, they can also contribute to conservation efforts.
DE stock is down over 14% in the last 12 months and over 6% in 2024. The stock is particularly sensitive to commodity prices and interest rates, both of which have increased sharply. Plus, the company is going through a normal downturn after demand for the company’s products accelerated in 2021.
However, with interest rates forecasted to move lower by the end of the year, Deere could be a compelling investment. The stock trades at just 14x forward earnings, and analysts forecast a 14% upside for DE stock.
About Deere & Company
Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.
Read More - Current Price
- $446.65
- Consensus Rating
- Hold
- Ratings Breakdown
- 9 Buy Ratings, 13 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $431.61 (3.4% Downside)
