** Daiwa Capital Markets cuts PT on farm-equipment maker Deere DE.N to $530 from $565; maintains rating at "outperform"

** New PT still shows 13% premium to stock's last close

** Elevated used equipment inventory, persistent tariff-related margin pressure and sustained weakness in farm income have led Daiwa to cut its FY26 EPS forecast to $20.70 from $23.50

** Brokerage says used equipment inventories are shrinking slowly, trade deals have not boosted farm outlook and tariffs are expected to remain a drag on pricing through first half of FY26

** 11 of 24 brokerages rate stock "buy" or higher, 12 "hold" and 1 "sell"; their median PT is $512 - data compiled by LSEG

** As of last close, stock had risen 10.7% YTD, compared with 9.7% YTD increase in S&P 500 Machinery (Industry) index .SPLRCMAC

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.com))