Citi ups Deere target, opens ‘negative catalyst watch’

Citi raised the firm’s price target on Deere (DE) to $470 from $460 and keeps a Neutral rating on the shares. The firm also opened a “90-day negative catalyst watch” on the shares. Citi sees downside risk to 2025 estimates for Deere, and thinks the stock performance and company’s valuation “has gotten a bit ahead of itself” on Federal Reserve rate cuts. The firm anticipates North America large ag and construction equipment markets to be weak next year.