Citi raised the firm’s price target on Deere (DE) to $550 from $450 and keeps a Neutral rating on the shares. The firm updated the company’s model post the fiscal Q2 beat. The firm cites its slightly higher estimates and a higher multiple, reflecting increased confidence that 2025 will likely be the trough for global agriculture demand, for the target bump. However, Citi is less constructive on Deere’s medium-term earnings trajectory than it thinks a lot of investors are.
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