Stock of the week: Deere & Co
Deere & Co. engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care.
Shares of the world's largest agricultural equipment maker rose 7.53% on Friday February 17 and beat Wall Street estimates for the latest quarter. According to analysts, this was due to a combination of higher prices and efficient production of machinery on the manufacturing line.
Indeed, Deere & Co's profit margins remained high despite recession fears because demand from farmers, who could afford to buy new equipment, was strong.
Improving profitability and efficiency in the agricultural sector seems to be a priority for the future, and there is reason to be optimistic about the traction of Deere & Co.
The group’s financial social media sentiment tends to be “positive” in both absolute and relative terms, on its own and when compared to the social media sentiment of the sector and stock index.
Analyst consensus is to "buy" the stock - out of the 27 bank analysts covering the company, 18 recommend buying the stock and 8 suggest holding it and 1 recommend selling it. The median upside potential of the stock price expected by these analysts over the next 6-12 months is currently 10.44% (reference close of business 20/02/2023).
Attention buzz is currently “average”.
Sources:
https://www.wsj.com/articles/deere-de-q1-earnings-report-2023-18226f1d
https://www.reuters.com/business/deere-posts-higher-profit-shipments-rise-2023-02-17/
https://umushroom.com/en/equity/deere-co-rg
