In a recent research update, the firm’s top equity strategist raised ratings on Alphabet to buy and Nvidia to outperform, while maintaining a neutral stance on Deere, signaling no new bullish outlook for the agricultural equipment maker.

Deere’s share price has surged 42% since January, pushing valuation multiples above long-term averages and prompting the analyst to switch to a sell rating, pointing to stretched metrics and limited catalysts amid a maturing equipment cycle.