Deere & Company’s shares rose 2.6% on Monday after Baird upgraded the stock to Outperform from Neutral, raising its price target to $800 from $640.
Analyst Mircea Dobre cited Deere’s high exposure to North American row-crop equipment demand as a key driver of the upgrade. Dobre described the company as the stock “that gets bought first” when investors anticipate a fundamental inflection in agriculture, adding that he expects further upside in 2027.
Early order program data showed planters and sprayers up mid-single digits year-over-year, with Baird noting the potential for even stronger gains by program completion. The firm views Deere as best positioned to benefit from a trough in North America’s large agriculture market due to its outsized exposure and execution track record.
Baird’s 2027 earnings power estimate for Deere stands near $25 per share, with 2028 estimates in the mid-$30s as the North America cyclical recovery gains momentum.
