Barclays analyst Adam Seiden maintained an Overweight rating and $400 price target on Deere following comments by former President Trump which threatened tariffs on Deere if it moves production from the U.S. to Mexico. Barclays notes that Deere’s production network “isn’t out of the ordinary in manufacturing circles,” adding that “even on the product lines the company has targeted to shift, it would hardly be alone.” The firm feels the broader take is “less about Deere and more about potential protectionism in a Trump administration.”

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