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Deere & Company (DE) is a top manufacturer of agricultural, turf, construction, and forestry equipment, offering innovative technology solutions and financial services valued at a market cap of $112.4 billion. Based in Moline, Illinois, the company is expected to release its fiscal Q4 earnings results before the market opens on Thursday, Nov. 21.
Ahead of this event, analysts project DE to report a profit of $3.90 per share, down 52.8% from $8.26 per share in the year-ago quarter. However, the company has consistently surpassed Wall Street's bottom-line estimates in each of the last four quarterly reports. DE posted an EPS of $6.29 in Q3 2024, surpassing the consensus estimate by 8.5%.
For fiscal 2024, analysts forecast DE to report EPS of $25, down 27.8% from $34.63 in fiscal 2023.
DE has surged 9.7% over the past 52 weeks, underperforming both the S&P 500 Index's ($SPX) 38.7% gain and the Industrial Select Sector SPDR Fund's (XLI) 38.6% increase over the same period.
DE shares plunged over 1% on Oct. 14 following a 28% drop in North American large tractor and combined retail sales for September, marking the steepest decline since 2017.
However, shares of DE surged 6.3% after the release of its better-than-expected Q3 earnings on Aug. 15. The company surpassed Wall Street’s expectations and forecasted its net income attributable to Deere & Company at approximately $720 million primarily due to income earned on higher average portfolio balances.
Analysts' overall consensus view on Deere & Company stock is cautiously optimistic, with a "Moderate Buy" rating. Out of 20 analysts covering the stock, 10 give a "Strong Buy," two have a "Moderate Buy" rating, and eight give a "Hold" rating.
The average analyst price target for DE is $424.17, suggesting a potential upside of 4% from current levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
