Deere (DE) - F'2Q Beat, with Construction Commentary Incrementally Positive

研报英文原文证据摘录

Deere (DE) - F'2Q Beat, with Construction Commentary Incrementally Positive

Machinery, E&C

Machinery, E&C - Market Overweight

DEERE & COMPANY (DE) May 23, 2026

Deere (DE) - F'2Q Beat, with Construction Commentary Rating:

Incrementally Positive Outperform

Price:

$529.15

The Wolfe Byte Price Target:

Deere’s F’2Q (May-end) results came in above expectations across the board. $660

% Upside:Management commentary on the rightsizing dealer inventories on the ag side was 24.7%

incrementally positive.

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Deere's F'2Q (May-end) results came in above expectations across the board. Company Information

Management commentary on ag inventory destocking remained incrementally 52-Week Range $439 - $662

positive, with continued progress on both new and used. Commentary on the Market Cap. (MM) $142,927

Value (M) $197,835construction side was also good, with improving orders, and DE raised its F'2026 Enterprise 270.1 Shares Out. (MM)

C&F net sales and margin outlook. Avg. Value Traded (MM) $1,693.78

SI% of Float 1.9%

F'2Q Results (May-end) – Results came in above expectations on the topline

(net equipment sales of $11.78B vs FC of $11.54B), operating margins of 16.9% Price Performance

YTD LTM(benefitted by $272M IEEPA tariff refund) came above FC of 16.4%, and EPS of $6.55 (15)% DE (7)%

came above FC of $5.70. S&P 500 16% 25%

Ag Update – Deere continues to characterize F'26 as the bottom of the current cycle, 700

650with management pointing to continued progress in rightsizing dealer inventories

on both new and used. Farm economics remain pressured, but progress on used 600

inventory has been meaningful, with late-model '22 and '23 8R tractors down ~45% 550

from their peak levels last year. The company maintained its North American large 500