Shares of Deere & Co. (NYSE: DE) were on an upswing in pre-market trading on Wednesday after the company reported strong fiscal Q4 results. DE reported revenues of $15.54 billion in fiscal Q4, up 37% year-over-year and beating analysts’ estimates by $890 million.
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The manufacturer of agricultural machinery and heavy equipment reported earnings of $7.44 per share in fiscal Q4 versus $4.12 in the same period last year and surpassing Street estimates of $7.11.
In FY23, DE has forecasted its net income to range between $8 billion and $8.5 billion.
The above graphics indicates that analysts are cautiously optimistic about the stock with a Moderate Buy consensus rating based on five Buys and four Holds.
John C. May commented, “Deere is looking forward to another strong year in 2023 based on positive farm fundamentals and fleet dynamics as well as an increased investment in infrastructure. These factors are expected to support healthy demand for our equipment.”
