(News Bulletin 247) – Deere shares escaped the gloom this Wednesday on the New York Stock Exchange, Canaccord Genuity analysts deeming it appropriate to position themselves on the manufacturer of agricultural equipment, which they also consider a leader in ‘precision farming’.
A little less than an hour after the opening, the title advanced by 0.2% while the S&P 500 index fell by 0.3% at the same time.
Canaccord initiated stock coverage with a buy recommendation and a price target of $530 as part of an industry study.
Just like Corteva, which he is also starting to follow up on when purchasing, Deere is not only a leading group in traditional agriculture, but also a leader in precision agriculture, he points out in his grade.
As such, its innovations are able to help farmers make a transition to more sustainable production, explains the broker.
Canaccord says that since its appearance at CES in Las Vegas last year, Deere is increasingly seen as a specialist in autonomous or semi-autonomous systems, but also as a potential beneficiary of the rise of artificial intelligence.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
