- Deere (DE +2%) is upgraded to Buy from Neutral with a $94 price target, raised from $82, at UBS, which says DE's profits are nearing a bottom and higher corn prices should improve sentiment on the shares.
- A strong La Niña is on the way based on recent weather patterns, and if the forecast materializes, hot and dry conditions could lower corn yields and increase prices, and sentiment towards DE should improve if corn prices rise, UBS surmises.
- The firm also notes that sentiment remains cautious on DE, and short interest is above average for the group.
- A week ago, BMO Capital upgraded shares to Outperform with a $96 target price.