今日来电《工业家》每周网络研讨会-机遇与风险

USA | Industrials **CALL TODAY** The Industrialist WeeklyWebcast - Opportunities and Risks We invite you to join us TODAY at3:00 PM ESTfor this week's installmentof our weekly webcast —The Industrialist Live— featuring Steve Volkmann(Machinery), Saree Boroditsky (Multis), Chirag Patel (Machinery), and SidSandilya (Industrials equity strategist). The group will discuss key risks/opportunities across our coverage post Monday's China tariff rally and discussDE earnings and the ag cycle. Register HERE. A replay will follow. Webcast: The Industrialist *LIVE*.We continue our weekly webcast series featuring SteveVolkmann, Saree Boroditsky, and Chirag Patel from the industrials team alongside our in-houseIndustrials Equity Strategist, Sid Sandilya **TODAY at 3:00 PM EST**(back to the normal time!)for30 minutes. We will discuss (and/or debate) relevant themes, trends, and key items to watch foracross our coverage to prepare you for the week ahead. As always, we strive to make the webcastas interactive as possible through live Q&A; however, for those who cannot attend, please send anyquestions in advance to Steve, Saree, Chirag, or Sid, so we can cover them during the session. What's New This Week?We invite you to join us today as the team highlights key risks andopportunities across our coverage following the recent market rebound post the China tariffannouncement. We will also recap DE earnings (Earnings QuickTake HERE), share our updatedthoughts on the ag cycle, and provide a preview of the CARR investor day next Monday (5/19).As always, we will take audience Q&A, and discuss the most interesting questions we were askedthis week. Registration:Please use the link HERE to register for this week's call. As a reminder, for those indifferent time zones or who cannot make it to the call, we will follow up with a recording of today'scall. Feel free to send us in advance any questions you'd like covered on the call. Stephen Volkmann, CFA * | Equity Analyst(212) 284-2031 | svolkmann@jefferies.comSaree Boroditsky, CFA * | Equity Analyst(212) 284-2280 | sboroditsky@jefferies.comChirag Patel * | Equity Associate(212) 284-1773 | cpatel@jefferies.com Company Valuation/Risks Carrier Global Corporation We value the shares based on a combination of EV/Sales and EV/EBITDA multiples, taking into account both the historical range over the prior cycleand the peer group. Risks to our valuation include a weaker economic environment and fluctuations in raw material pricing, particularly spot Copperand Steel. Deere & Company We value the shares based on a combination of EV/Sales and EV/EBITDA multiples, taking into account both the historical range over prior cycle andthe peer group. Risks include sudden changes in crop prices, the ability to execute on cost plans, and potential distress in the finance business. Analyst Certification: I, Stephen Volkmann, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Saree Boroditsky, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Chirag Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record Recommendation PublishedMay 15, 2025 , 08:07 ET.Recommendation DistributedMay 15, 2025 , 08:07 ET. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period. Underperform - Describes securities that we expect to provide a tota