Deere: Jefferies upgrades to 'buy', shares up

(CercleFinance.com) - Jefferies upgraded US tractor maker Deere from "hold" to "buy" on Monday, citing improving farm fundamentals, which sent the company's shares up by about 1% to 166 dollars.


Jefferies analysts also raised their target price on Deere from 150 dollars to 190 dollars, saying that the farm industry is "finally turning" following five years of depressed fundamentals.

"A tightened global crop supply demand balance and positive momentum in farmer net income support double-digit large equipment growth through 2020," the broker said, expecting a replacement and upgrade cycle both in the US and abroad.

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