Deere Stock Surges as Analysts See 58% Upside

Deere & Co. (DE) stock rose overnight after analysts raised their price targets following strong third-quarter results and signs of improving demand in the farm equipment market.

The company's Q3 performance exceeded expectations, with EPS of $5.10 and agricultural equipment sales of about $7.4 billion beating estimates of $4.69 EPS and $7.3 billion in sales.

Analysts at Oppenheimer, Bank of America, and Citi raised their price targets on Deere stock to $685, $667, and $650 respectively, citing stronger equipment bookings and rising corn prices.

Oppenheimer sees a 58% upside in Deere's stock price if the farm equipment market starts to recover, with stronger-than-anticipated early bookings for Deere's 2027 seasonal equipment contributing to the optimism.