Deere Stock Stagnant Despite Strong Fundamentals, Presents Buying Opportunity
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Deere's stock has stagnated recently despite strong fundamentals, presenting a buying opportunity at an attractive valuation (P/E of 13.8x)
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Diverse product portfolio and global footprint provide revenue stability through cycles
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Disciplined capital allocation focused on R&D investments, dividend growth, and share buybacks
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Infrastructure bill tailwinds plus $11.9B expected cash flow in 2023 position Deere for growth
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Base case target of $428 per share suggests 10.5% upside over next 12 months, with strong long-term outlook