Deere initiated with an Outperform at Daiwa

Daiwa analyst Jairam Nathan initiated coverage of Deere with an Outperform rating and $440 price target. While the firm sees potential downside to the $350 range for the stock, in the event of a hard landing, Daiwa finds Deere uniquely positioned to benefit from the digitization of agriculture, the analyst tells investors in a research note. Daiwa adds that Deere’s precision technology stack, connectivity and operation center infrastructure are difficult to replicate and a key enabler of making agricultural operations more efficient.