Cowen Initiates Coverage On Deere, Sees Notable Upside

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Cowen analyst Matt Elkott initiated Deere & Co DE with a Market Perform rating and a price target of $396, implying an upside of 13%.
The analyst mentions that the company's precision agriculture exposure is a game-changing secular story.
Related: Deere Names Ryan Campbell To Lead Construction & Forestry Team; Raj Kalathur Gets CFO Role Again
However, there is still a cyclical and seasonal element to the business that warrants a neutral rating, the analyst added.
Also Read: Deere To Move Cab Production To Mexico: Reuters
Price Action: DE shares are trading lower by 1.21% at $350.69 on the last check Thursday.