Jefferies upgrades Deere to Hold on valuation

As previously reported, Jefferies upgraded Deere (DE) to Hold from Underperform with a $550 price target The firm believes that additional downside risk is limited following the recent pullback of 15% since mid-February, noting that valuation on Deere shares is more balanced at current levels. Deere is one of the highest-quality companies in the firm’s coverage given the strength in its product innovation, significant market penetration and a large captive data lake, the analyst tells investors in a research note.