The firm also hiked its price target to $100 from $86 on shares of the Moline, IL-based maker of agricultural, construction and forestry machine products.
Baird analysts believe there are signs of emerging demand outside the U.S. as pricing of North American large agricultural equipment is back to multi-decade lows, according to TheFly.
Additionally, Deere has meaningful cost savings in its pipeline, the firm noted.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Deere as a Hold with a ratings score of C+. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations and notable return on equity. However, as a counter to these strengths, the team also finds weaknesses including generally higher debt management risk, feeble growth in the company's earnings per share and deteriorating net income.
You can view the full analysis from the report here: DE