Jonathan Sakraida and Tom Essaye discuss Deere (DE) earnings as the stock hits an all-time high in Thursday trading. Jonathan notes recovery across two segments, similarly to competitor Caterpillar (CAT). He thinks investors should be cautious on valuation from here. Tom calls it “an execution story and a rebound story,” arguing that we are at the “trough” of the farming cycle with continued strength coming. However, he worries the market may have already priced that in.