Deere: I Would Take The Gains (Q1 Earnings Preview)

Caterpillar outperformed Deere over the past year, driven by AI-related power generator demand and manufacturing reshoring tailwinds. I have maintained a neutral rating on Deere, as its returns have largely tracked the broader market without clear outperformance. Upcoming Deere earnings are a key catalyst; I will reassess my rating based on reported results and forward outlook.