Deere Downgraded to “Hold” at Jefferies; Price Target Cut (DE)


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Farming and construction equipment maker Deere & Company ( DE ) on Thursday saw its rating and price target lowered by analysts at Jefferies & Co.

The firm said it downgraded DE from "Buy" to "Hold" and cut its price target from $110 to $92. That new target suggests a much smaller upside of 6% to the stock's Wednesday closing price of $86.50.

A Jefferies analyst commented, "DE reported F2Q EPS of $2.12 vs consensus of $2.05. Guidance upped to meet consensus of ~$6.25. However, we are downgrading to Hold with a $92 price target as lower incrementals and some potential ag market headwinds suggest less upside going forward."

Deere shares were mostly flat in premarket trading Thursday.

The Bottom Line
Shares of Deere ( DE ) have a 1.62% dividend yield, based on last night's closing stock price of $86.50. The stock has technical support in the $80 price area. If the shares can firm up, we see overhead resistance around the $90-$92 price levels.

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

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