UBS upgraded Deere (DE) to Buy from Neutral with a price target of $535, down from $545. The firm expects 2026 to be the last year of Deere’s earnings downturn before a recovery in 2027. Agriculture fundamentals and investor sentiment are near the bottom, the analyst tells investors in a research note. UBS believes it may be a “bit early for the stock today based on elevated expectations” for 2026, but thinks a positive inflection in the cycle and Deere’s earnings should begin to be priced in over the next year.
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