Shares of Deere rise as financial results exceed expectations

Shares of Deere rise as financial results exceed expectations

Deere & Company (NYSE: DE) announced financial results on Wednesday for the fourth quarter that ended on October 30, 2022.

The US manufacturer of farm machinery and industrial equipment reported revenue of $15.536 billion for the quarter, which was above analyst forecast of $13.443 billion.

Earnings per share reported at $7.44 per share vs. $7.112 per share expected.

”Deere’s strong performance for both the fourth quarter and full year is a tribute to our dedicated team of employees, dealers, and suppliers throughout the world,” John C. May, CEO of the company said in a statement.

”We’re proud of their extraordinary efforts to overcome supply-chain constraints, increase factory production, and deliver products to our customers,” he added.

The stock was up by around 5% on Wednesday, trading at $441.33.

Stock performance

• 1 month: +12.79%
• 3 month: +69%
• Year-to-date: +67%
• 1 year: +94%

Deere & Company price targets

• Deutsche Bank: $374
• Goldman Sachs: $420
• Argus Research: $420
• Citigroup: $425
• Morgan Stanley: $424
• Credit Suisse: $447
• Wells Fargo: $423
• Oppenheimer: $365
• Jefferies: $400
• JP Morgan: $325

Deere & Company is the 84^th largest company in the world with a market cap of $132.90 billion.

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Sources: Deere & Company, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap