John Deere's Stock Just Hit an All-Time High: Here's How It Got There
John Deere (NYSE: DE) can do no wrong. That's pretty much how investors must see it right now as the stock continues to post all-time highs. Moreover, Wall Street analysts rushed to raise their price targets after a very strong set of first-quarter earnings results. Here's what happened and why the stock can go even higher in the future.
Deere's smart farming solutions are leading to higher average selling prices for its large agricultural equipment sales. Image source: Getty Images.
Before getting into the details, investors should pause and reflect on the startling hike in full-year 2021 guidance given on the earnings call. This sort of thing can often happen with highly cyclical companies like Deere, where earnings surprise on the upside on the way up and then on the downside on the way down.
Source Fool.com
