Deere Gains as Wells Fargo Rates Overweight Citing Tech Adoption By Investing.com
© Reuters. By Dhirendra Tripathi
Investing.com – Deere stock (NYSE:) rose 2.6% on Friday after Wells Fargo initiated coverage with an “overweight” and a $455 target, an upside of more than 17% from the current level of $388.
Analyst Seth Weber said the company is distinguishing itself from others by embracing positive trends in technology and sustainability.
The company opened a new office in Austin, Texas, in February to strengthen its technology capabilities. Earlier it announced a new Chicago office to build out its information technology capabilities.
The maker of farm equipment posted strong quarterly results last month as demand for its tractors and combines remains elevated. Thanks to record-high crop prices fueling incomes, cash-rich farmers have looked to buy new machinery or upgrade to boost productivity.
Worldwide net sales and revenue rose 5% in the first quarter to $9.6 billion. Equipment operations net sales were $8.5 billion, compared with $8 billion in the first quarter of 2021.
Costs rose 11% and net profit was $903 million.
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