2025-06-11-Jefferies-电话邀请_工业家每周网络直播-巴西DE投资者活动_7页_945kb

Equity Research: Industrialist Weekly Webcast and Deere & Company Analysis

1. Webcast Announcement
Event: The Industrialist Live Webcast – DE Brazil Investor Event Review
Date & Time: June 12, 2025, 3:00 PM EDT
Focus:

• Insights from the company's first Investor Day in South America.
• Feedback from Brazilian dealers, customers, factory visits, and R&D center tour.
• Regional agricultural cycle outlook from Stephen Volkmann (Machinery).
• Analysis of global industrial indicators (Saree Boroditsky).
• Current investor sentiment and Q&A session.

Key Speakers:

• Stephen Volkmann (Machinery)
• Saree Boroditsky (Multis/Industrials Equity Research)
• Chirag Patel (Machinery)
• Sid Sandilya (Equity Strategy)

Registration: Use the provided link; replay available. Q&A submissions accepted in advance.

2. Deere & Company (DE) Analysis
Valuation:

• Based on a combination of EV/Sales and EV/EBITDA multiples.
• Historical peer group and prior cycle ranges considered.

Risks:

• Sudden crop price changes.
• Cost plan execution risks.
• Distress in the finance business.

Rating:

• Current Rating: HOLD ($515.82)
• Price Target: $510 (Effective June 9, 2025).
• Historical Ratings: Multiple Buy/HOLD adjustments since 2022.

3. Key Disclosures

• Analyst compensation linked to firm performance.
• Broker-dealer status for Jefferies LLC and JRS.
• No recommendation for retail investors in non-US markets.
• General information disclaimer: past performance does not indicate future results.
• Legal segments covering other countries.