Deere price target raised to $484 from $455 at BofA

BofA raised the firm’s price target on Deere to $484 from $455 and keeps a Neutral rating on the shares. The firm notes Deere reported a solid Q3 driven by price versus cost, tax line and execution. Shares struggled on the back of “peak ag” concerns – lowering production in Brazil, order momentum, rising inventories off the lows – in a backdrop where soft commodities are rolling over and recent commentary in the used equipment market raises some worries, BofA adds in a research note on Friday.