Deere & Company (NYSE:DE) is one of the best industrial machinery stocks to buy according to analysts. On June 16, Truist Securities reaffirmed its $619 price target and Buy rating on Deere & Company, pointing to the company’s strategic position in Brazil as a major growth opportunity.
In order to facilitate the adoption of precision agriculture, Deere & Company has made significant investments in Brazil over the past 25 years by localizing manufacturing and product development while bolstering its dealer network. Through these initiatives, Deere has improved its cost competitiveness in the region and taken the lead in market share in Brazil.
Given that market share growth and farmer adoption of Deere’s precise technology are positively correlated, Truist believes the company aims to increase its market share in Brazil to equal that of North America.
Deere & Company is an American company that manufactures agricultural, heavy, and forestry machinery, diesel engines, heavy equipment drivetrains, and lawn care equipment. The company also provides financial services and engages in other business operations.
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