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Deere Upgraded to “Overweight” at Piper Jaffray; Selling is Overdone (DE)

By Dividend.com,  July 30, 2012, 08:42:28 AM EDT

Farming and construction equipment maker Deere & Company ( DE ) on Monday received a big upgrade from analysts at Piper Jaffray.

The firm boosted its rating on DE from "Neutral" to "Overweight" with a $93 price target. That target suggests a 19% upside to the stock's Friday closing price of $78.10. Piper Jaffray noted that drought fears in the Midwest have created an attractive entry point for the stock.

Deere shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Deere ( DE ) have a 2.36% dividend yield, based on Friday's closing stock price of $78.10. The stock has technical support in the $73-$75 price area. If the shares can firm up, we see overhead resistance around the $80-$83 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 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.


This article appears in: Investing, Stocks

Referenced Stocks: DE



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