Deere & Co.’s Estimates Cut at Citigroup, but Still a “Buy” (DE)

By Staff,

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Construction and farming equipment maker Deere & Company ( DE ) on Friday caught some cautious commentary from analysts at Citigroup.

The firm said it lowered its earnings estimates on DE through 2012, citing expected pressures on the company's margins next year. Still, Citigroup maintained its "Buy" rating and $83 price target, which suggests a nearly 13% upside to the stock's Thursday closing price of $73.85.

Deere & Co. shares, which have fallen more than 11% year-to-date, rose 62 cents, or +0.8%, in premarket trading Friday.

The Bottom Line
Shares of Deere & Co. ( DE ) have a 2.23% dividend yield, based on last night's closing stock price of $73.58. The stock has technical support in the $67-$70 price area. If the shares can firm up, we see overhead resistance around the $79-$81 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a DARS™ Rating of 3.2 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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