Analysts at Baird on Monday upgraded the stock to outperform, citing strong consumer demand for outdoor products such as lawn mowers and garden equipment over the past three months.Deere could have more gains, says Katie Stockton, founder of Fairlead Strategies.
"We could see upside follow through here in the near term. Momentum certainly supports it," Stockton told CNBC's "Deere has bounced more than 50% off March lows. By comparison, the S&P 500 has rallied 44% off its own trough the same month."However, I would note that Deere is really a long-term underperformer," said Stockton.
"When you look at the numbers, even if John Deere turns around and hits the numbers that the analyst projects for 2021, it shows them with a multiple of about 17, which for this stock is very, very rich," Tatro said during the same "Trading Nation" segment. "I'm really not sure you're getting a lot of value with this, especially with so much debt. Deere has an incredible amount of debt on the balance sheet.
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