Bond.az - Oppenheimer lowered its price target on Deere & Co. shares (NYSE:DE) to $680 from $715 while maintaining an Outperform rating.
The firm hosted Deere for an investor call to discuss Q2 fiscal 2026 results and factors influencing the second half. Excluding tariff recovery, Q2 performed modestly ahead of expectations.
The second half implies improving price and cost dynamics, easier comparisons, and momentum in construction and forestry offsetting a weaker outlook in Brazil agriculture. Brazil weakness dampened cycle recovery momentum.
Oppenheimer said Deere shares are likely to remain range-bound pending end-of-period updates in late summer. The firm remains confident in Deere's fiscal 2026 trough expectations.
The firm trimmed its estimates and price target while remaining constructive on a modest growth backdrop in 2027.
