Deere & Co. Upgraded to “Buy” at Morgan Joseph (DE)

By Staff,

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Farm and construction equipment maker Deere & Company ( DE ) caught an upgrade on Wednesday from analysts at Morgan Joseph.

The firm boosted its rating on DE to "Buy" from "Hold," citing higher equipment demand in the Brazilian market, as well as U.S. row farmers.

Deere shares rose 67 cents, or +1.2%, in premarket trading Wednesday.

The Bottom Line
We had removed shares of DE from our "recommended" list Aug.6,2008, when shares were trading at $66.67. The company has a dividend yield of 2.10%, based on last night's closing stock price of $57.13. The stock has technical support in the $52 price area. If the shares can firm up, we see overhead resistance around the $62 price level. We would remain on the sidelines for now.

Deere & Company ( DE ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: DE

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