Deutsche Bank analyst Nicole DeBlase upgraded Deere to Buy from Hold following the company's Q4 earnings report.

She upped her price target for the shares to $167 from $149. Deere closed yesterday's trading session up 4%, or $6.02, to $145.25. Positive earnings revisions should drive share outperformance from here, DeBlase told investors last night in a research note. She points out that while Deere is up 11% quarter-to-date, the stock has only performed about in line with its Machinery peer average year-to-date.

The analyst believes North America agriculture equipment demand has bottomed while the company will benefit from the ongoing recovery in Europe. DeBlase sees "too much upside" and "too few attractive opportunities" to "stubbornly remain on the sidelines" with respect to Deere shares.