Deere initiated with a Buy at Truist

Truist analyst Jamie Cook initiated coverage of Deere with a Buy rating and $494 price target. Deere is one of the best-run industrial machinery companies with a growing technology story and earnings stream, the analyst tells investors in a research note. The firm says the company continues to improve through-cycle margins, returns, and cash flow cycle over the cycle and “there is more opportunity ahead to outpace peers.” It believes the 2024 farm equipment downturn will prove that Deere’s earnings and margins are structurally higher and more resilient.