Oppenheimer Reiterates Outperform Rating on Deere (DE)

Oppenheimer analyst Noah Kaye reiterated an Outperform rating on Deere (NYSE: DE).

The analyst commented: 'DE delivered a F3Q beat, raised its FY26 net income guidance in line with consensus estimates and signaled confidence in a 2026 trough. P+PA beat our lowered expectations both top- and bottom-line, with tariff recovery an estimated 60bps benefit to margins. Price in the segment was a healthy 2.5%. SA+T came in well ahead on margins—even excluding ~100bps of estimated tariff recovery—benefitting from volume/mix. C+F results were about in line, with underlying margin (we estimate ~150bps tailwind) a bit light on higher opex. Moving pieces on guide: P+PA brought to low end of prior outlook, now down 10%, on lowered EU/SA industry assumptions. Margins also moderated 50bps at midpt. SA+T margin guide lifted, C+F margin narrowed (sales outlook in each maintained). F/X tailwind trimmed, while Ag prices stable, C+F lifted 50bps. With the updated guidance implying F4Q soft relative to current Street estimates, on the 10am ET call we'll be looking for additional color on moving pieces between the quarters, more detailed early order program commentary, and production and inventory expectations heading into FY27. Shares are up ~2.5% in light volume, early-hours trading."

For an analyst ratings summary and ratings history on Deere click here. For more ratings news on Deere click here.

Shares of Deere closed at $580.63 yesterday.

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