Jefferies downgrades Deere to 'underperform'; shares fall

Shares of tractor maker Deere & Co DE.N fall ~1.3% in premarket

Jefferies downgrades stock rating to "underperform" from "hold"

Says while the agricultural cycle should trough this year, recovery will require an improvement in US farmer incomes, with crop prices the key driver

Brokerage, however, raises PT to $550 from $475, which represents nearly a 17% downside to the stock's last close

"We view DE as one of our highest quality companies, given strength in product innovation, significant market penetration, and a large captive data lake; unfortunately, we believe the market has already discounted a full-cycle recovery and multiple expansion", says Jefferies

25 analysts rate the stock "buy" on average; median PT is $656.5 - data compiled by LSEG

DE gained 9.9% in 2025