Baird Upgrades Deere to Outperform With $800 Price Target

Baird analyst Mircea Dobre upgraded Deere & Company from neutral to outperform and raised the price target from $640 to $800. The upgrade follows an improving agricultural outlook in North America, where corn futures have reached three-year highs and soybean futures have risen nearly 22% year to date.

Dobre noted that corn futures for mid-2027 are now above farmer breakevens. He indicated that deteriorating crop conditions and stocks-to-use ratios for the 2026/2027 cycle suggest sustainable price momentum and rising per-acre margins for farmers in 2027, which he expects will drive demand for agricultural equipment.

Deere shares have increased more than 35% in 2026, the company's strongest yearly performance since 2020. While Baird remains bullish on returns for 2027, broader analyst sentiment is divided, with 14 analysts maintaining buy or strong buy ratings and 12 maintaining hold ratings.