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Barclays Stays Bullish on Deere Following Management Meeting (DE)

By Dividend.com,  June 25, 2012, 08:43:04 AM EDT

Farming and construction equipment maker Deere & Company ( DE ) on Monday caught some continued bullish commentary from analysts at Barclays Capital.

The firm maintained its "Overweight" rating and $101 price target on DE, suggesting a 34% upside to the stock's Friday closing price of $75.53.

A Barclays analyst commented, "After traveling with DE management, we expect DE's EPS to continue to rise over time given a still relatively strong U.S. ag market, growing international ag markets and a slowly improving construction business. Moreover, we think significant investor skepticism of DE's ability to grow, combined with what we believe is one of the highest quality names in our space, could lead to DE stock's outperformance during the current period of increased global economic uncertainty."

The firm lowered its earnings estimates for DE through 2013, however, citing currency effects.

Deere shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Deere & Co. ( DE ) have a 2.44% dividend yield, based on Friday's closing stock price of $75.53. The stock has technical support in the $70-$71 price area. If the shares can firm up, we see overhead resistance around the $80-$81 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: DE



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