Deere & Co. Downgraded to “Neutral” at JPMorgan (DE)

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Farming and construction equipment maker Deere & Company ( DE ) on Friday caught a downgrade from analysts at JPMorgan.

The firm lowered its rating on DE from "Overweight" to "Neutral," but raised its price target from $73 to $75. That new target represents an expected 7% upside to the stock's Thursday closing price of $69.78.

JPMorgan noted it advises traders to take profits on Deere ahead of its likely conservative 2011 full-year forecast, which could send the shares lower. The analyst also noted it expects higher research & development and pension costs weighing on results.

Deere & Co. shares fell 97 cents, or -1.4%, in premarket trading Friday.

The Bottom Line
The company has a dividend yield of 1.72%, based on last night's closing stock price of $69.78. The stock has technical support in the $63 price area. If the shares can firm up, we see overhead resistance around the $73-$74 price levels. We would remain on the sidelines for now.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 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.

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