#6 - Deere & Company (NYSE:DE)
Strong commodity prices were a key reason that Deere & Company (NYSE:DE) shattered expectations in its most recent earnings report. And according to FocusEconomics, commodity prices are expected to climb 10.6% on a year-over-year basis in the fourth quarter of 2021.
However, beyond the cyclical nature of commodities, Deere would appear to have two catalysts with the infrastructure bill expected to increase activity in both the agricultural equipment and construction sectors.
DE stock is up 169% in the last 12 months and 38% in 2021. The consensus price target for Deere is $334.25 which is about 10% below the stock’s price (as of April 20). However, this is a case where the company is also rated as a buy with at least one price target that suggests the stock could climb as high as $425.
Investors have a while to wait for earnings. Deere is traditionally one of the last companies to report.
About Deere & Company
Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.
More about Deere & Company- Current Price
- $478.67
- Consensus Rating
- Hold
- Ratings Breakdown
- 8 Buy Ratings, 13 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $460.00 (-3.9% Downside)
