Deere Gets Price Target Increases After Q3 Results, But This Analyst Disagrees

Deere & Company DE reported worse-than-expected Q3 EPS results on Friday.

Deere reported third-quarter FY22 net sales and revenue growth of 22% year-over-year to $14.1 billion, beating the consensus of $12.78 billion. EPS increased to $6.16, missing the consensus of $6.69.

Deere shares fell 1.5% to $364.23 in pre-market trading.

Several analysts made changes to their price targets on Deere following the release of results.

• Wells Fargo raised price target on Deere from $410 to $423. Wells Fargo analyst Seth Weber maintained the stock with an Overweight.
• Credit Suisse boosted Deere price target from $393 to $447. Credit Suisse analyst Jamie Cook maintained the stock with an Outperform rating.
• Morgan Stanley raised Deere’s price target from $416 to $424. Morgan Stanley analyst Courtney Yakavonis maintained an Overweight rating on the stock.
• However, Deutsche Bank lowered price target on the stock from $388 to $386. Deutsche Bank analyst Nicole Deblase maintained Deere with a Hold.