5 ‘Strong Buy’ Artificial Intelligence Stocks – Kiplinger’s Personal Finance | Tech News
Market value: $46.5 billion
TipRanks consensus price target: $188.75 (33% upside potential)
From healthcare to agriculture, Deere (DE, $142.01) is another unexpected name using artificial intelligence in creative new ways. According to a report by KeyBanc, technology acquired by John Deere could reduce chemical spraying volumes by up to 90%. That’s a massive saving, both in terms of money and in terms of the environment.
So how did John Deere move into the world of big data?
For this initiative, DE snapped up computer-vision startup Blue River Technology for $305 million in September 2017. Blue River developed a smart robot capable of assessing whether a plant is a weed or a plant, then delivering the pesticide accordingly. So instead of assessing weeds vs crops on a field by field basis, farmers can now work plant by plant.
This is just one AI-powered service that John Deere now offers to farmers. For example, farmers can also use the company’s big-data analytics to decide where to plant crops or how to use their machinery most effectively. The company’s online portal gathers data from sensors attached to machines as well as soil probes and external datasets.
From a Street perspective, DE is a top stock to own right now. The company has received no less than nine consecutive buy ratings in the last three months.
“We think the slow recovery in Deere’s large agricultural business could accelerate in fiscal year 2019 with higher grain prices, which have a favorable set-up entering the growing season,” comments UBS analyst Steven Fisher (view Fisher’s TipRanks profile).