Farming and construction equipment maker Deere & Company (
) 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
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 (
) 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 (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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