Jefferies upgraded Deere & Company to Hold from Underperform after a 15% share decline, citing limited downside risk.
Stock now trades near Jefferies’ unchanged $550 price target, with the analyst forecasting 75% revenue growth from the 2026 trough.
Deere’s outlook assumes 65% volume growth, 10% pricing uplift, 35% incremental margins, and a 15× earnings multiple at peak.
USDA projects 2026 farm income down ~15%, while Iran conflict could raise fertilizer and fuel costs, affecting biofuel demand long term.