BMO downgrades Deere, sees limited upside left after rally

Farmer Claudio Lagomarsino cleans his John Deere combine after a day of harvesting wheat near Salto, Argentina.
Diego Giudice | Bloomberg | Getty Images

The agriculture business could be on the front end of multiyear growth cycle, but investing in Deere may not be the best way to reap the rewards, according to BMO Capital Markets.

Analyst Joel Tiss downgraded the machinery stock to market perform from outperform, saying in a note to clients on Thursday that even a bullish scenario for the underlying business wouldn't cause a big jump for the stock.

Shares of Deere have more than doubled since the start of 2020.

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