Deere & Company (NYSE:DE) suffered two downgrades, as JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) believe they're at the top of their valuation, increasing almost 30 percent since the early part of July.
Wells Fargo's Andrew Cases slashed Deere from "Outperform" to "Market Perform," while JP Morgan's Ann Duignan lowered the agricultural manufacturer from "Overweight" to "Neutral."
A drought in Russia and the resultant increase in corn prices and other crops has helped the industry surge to higher levels, including Caterpillar (NYSE:CAT), which has also pushed up close to yearly highs.
Caterpillar is moving up for different reasons, as the mining sector also has prices surging and mining and construction equipment sales have been in higher demand because of it.
In the near term it looks like they'll have a hard time moving much higher, and will probably remain level for a while.
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