On October 2, Deere rose 3.15% in regular trading, trading at $687.39/share, with turnover of $517 million. The gain came as the broader agricultural machinery sector rallied, reversing the prior session's decline of 3.03%.
The sector-wide strength aligns with a growing consensus among analysts that the agricultural equipment cycle bottomed in fiscal 2026, with recovery expected to gain traction into 2027. Baird upgraded Deere to outperform in early September with an $800 price target, citing improving commodity prices and reviving equipment replacement demand. BofA Securities subsequently raised its target to $715, while Daiwa lifted its target to $770, both maintaining positive ratings. Deere's fiscal Q3 results further underpinned confidence, with EPS of $5.10 beating the $4.70 consensus estimate and net sales of $12.61 billion significantly exceeding the $10.81 billion forecast. Management noted its See and Spray adoption doubled year-over-year and early order program trends supported the cycle-bottom thesis.
Within the Agricultural and Farm Machinery sector, CNH Industrial N.V. up 4.47%, Alamo up 2.55%, AGCO Corp up 2.02%, Lindsay up 1.85%, Toro up 0.63%. The next earnings report is expected on November 25.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments