Deere stock price improved to $369

Deere stock price improved to $369.40 on stronger-than-expected quarterly cash flow metrics. Goldman Sachs raised their 12-month target citing efficiency gains in manufacturing operations. He’s not alone. Piper Sandler Chief Market Technician Craig Johnson urged investors Wednesday to consider “trimming gains, especially on over-extended momentum stocks,” seeing potential for a 3% to 4% pullback after five months of gains. Deere’s market leadership position, technologically advanced products and strong dealer network provide it with a competitive advantage to leverage the long-term demand prospects for both agricultural and construction equipment. However, the company has been facing challenges due to weak farmer spending amid low commodity prices. Those who already own this Zacks Rank #3 (Hold) stock should stay invested to benefit from the long-term demand prospects for both agricultural and construction equipment. Deere stock price advanced to $367.50, supported by bullish commentary from a major brokerage citing improved supply chain stability. The machinery industry’s recovery could enhance Deere’s margin outlook.