1415 ET - The North American agricultural industry is set up for a recovery next year, with a positive read-through for agricultural equipment demand, Baird analysts say in a note. They upgrade Deere, CNH Industrial N.V., and Agco to outperform alongside CNH equipment dealer Titan Machinery. Signals like improving corn and soybean futures point to higher farmer profitability in 2027, which in turn is expected to drive equipment demand. "If realized, this would result in Ag Machinery being one of the few industrial verticals (perhaps the only) entering an 'early cycle' recovery in 2027, at a time when most other Industrial end markets will be in mid-to-later stages of a demand upcycle," the analysts say. Deere, CNH, and Agco all trade up by low- to mid-single-digits, while Titan surges 17%.