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Jefferies upgrades Deere, sees a major farming turnaround

John Deere combine harvesters sit on display during the Farm Progress Show in Boone, Iowa, U.S., on Tuesday, Aug. 28, 2018.
Daniel Acker | Bloomberg | Getty Images

Following five years of depressed agriculture fundamentals and recent trade tensions threatening business, the farming cycle is turning and Deere is the best play on this theme, according to Jefferies.

"We believe farm fundamentals are finally turning," Jefferies' Stephen Volkmann said in a note to clients Monday. "A tightened global crop supply demand balance and positive momentum in farmer net income support double-digit large equipment growth through 2020."