Deere price target raised to $510 from $440 at Argus

Argus raised the firm’s price target on Deere (DE) to $510 from $440 and keeps a Buy rating on the shares. The company proactively right-sized inventory at its distributors, positioning it well for a demand recovery, and the firm sees solid earnings power for Deere later this year as shipments to distributors resume, the Fed restarts rate cuts, and as farmers are more profitable, the analyst tells investors in a research note. Deere management also signaled its confidence in the outlook with a 10% dividend hike, the firm added.