** Shares of tractor maker Deere & Co DE.N fall ~1.3% in premarket

** Jefferies downgrades stock rating to "underperform" from "hold"

** Says while the agricultural cycle should trough this year, recovery will require an improvement in US farmer incomes, with crop prices the key driver

** Brokerage, however, raises PT to $550 from $475, which represents nearly a 17% downside to the stock's last close

** "We view DE as one of our highest quality companies, given strength in product innovation, significant market penetration, and a large captive data lake; unfortunately, we believe the market has already discounted a full-cycle recovery and multiple expansion", says Jefferies

** 25 analysts rate the stock "buy" on average; median PT is $656.5 - data compiled by LSEG

** DE gained 9.9% in 2025

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))