Evercore ISI Upgrades Deere and CNH Industrial Ratings

Shares of Deere & Company and CNH Industrial NV rose on Thursday following a rating upgrade from Evercore ISI. CNH Industrial NV shares jumped 10%, while Deere shares increased 3.3%.

Evercore ISI analyst David Raso upgraded both companies from In-Line to Outperform, raising the price target for Deere to $813 from $632 and for CNH to $18 from $12.50. Raso cited an aged U.S. high horsepower agricultural fleet, reduced channel inventory, and advancements in precision agriculture technology as primary drivers for the upgrade.

Raso projects that current crop prices will enable 2027 U.S. purchases to return to replacement demand levels. This shift could potentially drive growth in high horsepower tractors by 27% and combine harvesters by 37%. The upgrade indicates that the agricultural equipment sector has established a foundation for recovery that does not rely solely on continued crop price rallies.