John Deere (DE) Stock: $440 Price Target From JPMorgan

By Amit Chowdhry ● Apr 2, 2022
  • The shares of John Deere (NYSE: DE) have received a $440 price target from JPMorgan. These are the details.

The shares of John Deere (NYSE: DE) have received a $440 price target from JPMorgan. And JPMorgan analyst Ann Duignan upgraded John Deere from an “Underweight” rating to a “Neutral” rating while increasing the price target from $355.

Duignan noted that agriculture equipment backlogs were elevated coming into this year, driven by strong orders and ongoing supply constraints. But rising farm input costs may challenge US farmer economics/sentiment this year despite the recent surge in crop prices. 

Demand could moderate and so Duignan sees fairly limited cyclical growth in the company’s most profitable market (US large ag) beyond 2023 (example: once supply chain challenges have eased, the current backlog has been delivered and channel inventories have returned to a healthier level). 

“Overall, we view the risk/reward as evenly balanced at current valuation,” wrote Duignan in a research note.

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