Deere price target raised to $750 from $543 at Wells Fargo

Wells Fargo raised the firm’s price target on Deere (DE) to $750 from $543 and keeps an Overweight rating on the shares. The firm says valuation has dominated the debate following a higher incremental margin outlook and an inflection across both construction and ag machinery supply. Wells raises its mid-cycle EPS to $30 within the context of Deere’s consistent 8% unit profitability growth.