Analyst Angel Castillo of Morgan Stanley reiterated a Buy rating on Deere (DE – Research Report), retaining the price target of $500.00.
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Angel Castillo has given his Buy rating due to a combination of factors that highlight Deere’s promising growth prospects in Brazil. The recent Investor Day event in Brazil showcased a significant opportunity for Deere’s expansion in the region, which exceeded previous expectations. This has strengthened the belief that Deere is well-positioned to achieve higher mid-cycle earnings in the upcoming growth phase.
Brazil is anticipated to be a leading growth market in agriculture, and Deere’s strong market presence and strategic investments in the region, particularly in Precision Agriculture, set it apart from competitors. The company’s ability to leverage its dominant position in the Brazilian Large Ag market and its advancements in technology are expected to drive above-market growth, reinforcing the Buy rating.
Castillo covers the Industrials sector, focusing on stocks such as CNH Industrial, Deere, and Agco. According to TipRanks, Castillo has an average return of -0.7% and a 56.14% success rate on recommended stocks.
In another report released on June 11, Barclays also maintained a Buy rating on the stock with a $530.00 price target.