BMO Capital raised the firm’s price target on Deere (DE) to $460 from $425 and keeps a Market Perform rating on the shares. The firm is assuming 25-times expected earnings multiple on “presumably trough earnings” while considering that volume/price should be slightly higher next year, the analyst tells investors in a research note. BMO adds however that it is not yet convinced that growers will broadly return to make large capital purchases for some time, justifying its neutral stance.
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