Deere rises after Jefferies upgrades to 'hold', $99 million settlement

Shares of U.S. agricultural equipment maker Deere DE.N rise nearly 3.7% to $597.13 premarket

Jefferies upgrades stock rating to "hold" from "underperform," citing the stock's retraction of ~15% from recent highs

"The shares are nearing our unchanged $550 PT, and we believe additional downside risk is limited ... While our macro thesis remains unchanged (prolonged trough through 2026), we view the valuation as more balanced at current levels" - Jefferies

The manufacturer of John Deere trucks on Monday agreed to pay $99 million into a settlement fund for farms and farmers that are part of a class action lawsuit over costs and access to repairs

Twenty-five analysts rate the stock "buy" on average; median PT is $640.5 - data compiled by LSEG

As of last close, DE is up ~24% YTD