Deere price target raised to $510 from $507 at Oppenheimer

Oppenheimer raised the firm’s price target on Deere (DE) to $510 from $507 and keeps an Outperform rating on the shares. With trough EPS now the baseline assumption and Deere’s multiple resetting higher, the firm believes investors were looking for an opportunity to lift forward estimates, which didn’t occur with the Q1 print. Oppenheimer anticipates valuation may become more of a short-term deterrent, as investors await the margin inflection embedded in the Q2 bridge. With Deere now producing in line with large ag demand and green-shoots among global ag fundamentals, the firm sees earnings velocity in the second half of the year enabling Deere to grow into its multiple and an incrementally positive outlook for FY26.