Deere upgraded to Buy from Hold at Melius Research

Melius Research upgraded Deere (DE) to Buy from Hold with a $750 price target The firm believes Deere’s “leading position” in agriculture technology will deliver “transformational value” to farmers. Investors will start to price in Deere’s recurring revenue value over the next couple of years, as the company’s capabilities and probabilities start to become visible, the analyst tells investors in a research note. Melius sees Deere’s technology opportunity as differentiated, saying it has the “best competitive moat.” Tech investors “are not here yet,” the firm adds.