Jefferies sees limited downside for Deere after 15% pullback, upgrades to Hold

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Jefferies has upgraded Deere & Company (NYSE: DE) to Hold from Underperform, citing a more balanced risk-reward profile after a 15% pullback in the stock price. The firm maintains its $550 price target, expecting limited further downside. Despite the upgrade, Jefferies foresees a prolonged trough in the agricultural equipment market through 2026, with farmer economics remaining a key concern due to increased input costs and declining farm income projections.

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