Truist Securities raised its price target on Deere & Company (NYSE: DE) to $609.00 from $602.00 while maintaining a Buy rating.
The firm said investor sentiment toward Deere remained muted ahead of earnings, creating a favorable setup. Analysts reiterated their view that Deere’s key markets were near a cyclical trough and that market expectations for 2026 were overly bearish following news that early orders for sprayers had fallen by 20%.
Truist noted that while the outlook for large agricultural equipment in North America remained uncertain due to trade-related risks, it did not expect a uniform 20% decline across all segments. The firm pointed to early signs of improvement in European and Brazilian agriculture, as well as in Deere’s Construction and Forestry divisions.
Analysts added that Deere’s earnings could benefit from a 10% underproduction in Small Ag, Turf, and Construction equipment, along with ongoing cost-cutting initiatives. Truist maintained that Deere was still positioned to grow earnings per share in 2026 despite headwinds in large agriculture.
The firm also highlighted the pending decision on the U.S. Renewable Fuel Standard—expected by late October—as a potential catalyst for U.S. farmers, and pointed to Deere’s upcoming investor day on December 8, where management is expected to outline long-term strategic and financial goals.
