Agricultural machinery manufacturer Deere & Company (NYSE:DE) recently launched its fully autonomous tractor for large-scale production. The tractor will be made available to farmers later in the year.
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Following the news, shares of the company declined marginally to close at $371.06 in Tuesday’s extended trading session.
Strategic Impact
The launch of this autonomous tractor is aimed at making the production process of crops more efficient.
With six pairs of stereo cameras having a deep neural network and the ability to check its position relative to a geofence, farmers just need to configure the tractor for autonomous operation and can then monitor its operations from anywhere.
Analyst Ratings
Recently, D.A. Davidson analyst Michael Shlisky initiated coverage on the stock with a Buy rating and a price target of $400, which implies upside potential of 7.7% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 11 Buys, 3 Holds and 1 Sell. The average Deere stock prediction of $423.29 implies that the stock has upside potential of 14% from current levels. Shares have gained about 35.4% over the past year.
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