Deere Launches Fully Autonomous Tractor


This article was originally published on TipRanks.com

Agricultural machinery manufacturer Deere & Company (NYSE:DE) recently launched its fully autonomous tractor for large-scale production. The tractor will be made available to farmers later in the year.

Following the news, shares of the company declined marginally to close at $371.06 in Tuesday’s extended trading session.

Strategic Impact

The launch of this autonomous tractor is aimed at making the production process of crops more efficient.

With six pairs of stereo cameras having a deep neural network and the ability to check its position relative to a geofence, farmers just need to configure the tractor for autonomous operation and can then monitor its operations from anywhere.

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Analyst Ratings

Recently, D.A. Davidson analyst Michael Shlisky initiated coverage on the stock with a Buy rating and a price target of $400, which implies upside potential of 7.7% from current levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 11 Buys, 3 Holds and 1 Sell. The average Deere stock prediction of $423.29 implies that the stock has upside potential of 14% from current levels. Shares have gained about 35.4% over the past year.

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