Cowen Initiates Coverage On Deere, Sees Notable Upside

• Cowen analyst Matt Elkott initiated Deere & Co (NYSE: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.