Deere’s Target, Estimates Boosted at Citigroup (DE)

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Farm and construction machinery maker Deere & Company ( DE ) saw its price target and earnings estimates raised on Monday by analysts at Citigroup.

The firm said it now expects DE shares to reach $75, suggesting a potential 16% upside to the stock's Friday closing price of $64.85. Citigroup also boosted its earnings estimates for the company, citing favorable commodity prices, while maintaining its "Buy" rating.

Deere & Co. shares were mostly flat in premarket trading Monday.

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 1.85%, based on Friday's closing stock price of $64.85. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70 price level. We would remain on the sidelines for now.

Deere & Company ( DE ) is not recommended at this time, holding a Dividend.com 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 The NASDAQ OMX Group, Inc.

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