Baird analyst Mircea Dobre raised Deere's rating from neutral to outperform, setting a new price target of $800, which represents a 27% upside from the stock's recent close. This upgrade is driven by favorable conditions in the agriculture sector, particularly with corn and soybean futures rising significantly, indicating improved farmer margins and equipment demand.
Dobre noted that corn futures have reached their highest levels in over three years, up nearly 22% year to date, while soybean futures have also increased by 22%. He emphasized that Deere is well-positioned to benefit from this agricultural momentum, as it is a primary choice for investors looking for growth in the sector.
The stock has already seen a remarkable performance, gaining over 35% in 2026, and is on track for its best annual results since 2020. Following the upgrade, Deere's shares rose more than 1%. The analyst community remains divided on the stock, with 12 out of 26 analysts rating it a hold, while the other 14 recommend a buy or strong buy