Deere and Co

“Deere remains the best-in-class agricultural equipment franchise, with durable advantages in dealer support, precision technology, installed base economics, and captive finance that should sustain strong returns over time. However, the stock already reflects much of that strength plus a meaningful cyclical recovery, so upside from current levels looks more like steady compounding than a clearly asymmetric opportunity. The business is worth owning at the right price, but today the risk-reward for new money is not compelling enough.”