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Summary of Industrial Equity Research Report

Key Webcast Event: Tuesday, May 15, 2025, at 3:00 PM EST. Weekly webcast "The Industrialist Live" will discuss post-China tariff market rebound, DE earnings review, agricultural cycle updates, CARR investor day preview, and audience questions involving experts Steve Volkmann (Machinery), Saree Boroditsky (Multis), Chirag Patel (Machinery), and equity strategist Sid Sandilya.

Stock Ratings and Valuations:

• Carrier Global Corporation (CARR): Buy rating expected at $85 12-month target. Valuation uses EV/Sales and EV/EBITDA multiples, peer and historical comparisons. Risks include economic weakening and raw material price fluctuations, particularly for copper and steel.
• Deere & Company (DE): Hold rating with $510 12-month target. Assessment based on EV/Sales and EV/EBITDA. Risks involve crop price volatility, implementation of cost plans, and possible distress in its finance business.

Rating Framework: Equity research evaluates stocks by factors like market cap, growth/value, volatility, and expected total return (Buy for >15% upside; Hold for ±10% to +15%; Underperform for ≤-10%). Jefferies also provides a Franchise Picks selection for high-conviction Buys, subject to stop-loss rules.

Analyst Certification and Disclosure: Analysts (Stephen Volkmann, Saree Boroditsky, Chirag Patel) certified views are personal and unaffiliated with compensation. Jefferies may have conflicts due to business relationships with covered companies, and standard disclaimers apply, including risk disclosures and non-suitability for general investors. Unauthenticated copies or distribution without permission prohibited.