Deere Stock Rises as Analysts See 58% Upside Amid Stronger Demand

Deere & Co. (DE) stock rose overnight after analysts raised their price targets following better-than-expected Q3 results and signs of stronger demand.

Oppenheimer increased its price target on Deere to $685 from $680, citing stronger-than-anticipated early bookings for Deere's 2027 seasonal equipment. This implies a nearly 58% upside to the stock's last closing price. Rising corn prices also added to the optimism, with the crop trading above $5 per bushel for the first time in roughly a year and a half.

Bank of America raised its price target on DE sharply to $667 from $607.50, citing Deere's Q3 performance and higher full-year net income forecast. However, softer international markets, pricing challenges, and cautious farmer spending could limit the pace of any rebound, according to Bank of America.

Deere had offered a two-year contract extension to its workers, which was rejected by the UAW. The union criticized the proposal for not addressing outsourcing or plans to recall about 1,600 laid-off workers.