Deere’s Target, Estimates Boosted at Jefferies & Co. (DE)

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Construction and farm equipment maker Deere & Company ( DE ) on Thursday saw its price target and earnings estimates raised by analysts at Jefferies & Co.

The firm maintained its "Buy" rating on DE and boosted its price target to $90 all the way up from $70. That new target represents an expected 18% upside to the stock's Wednesday closing price of $76.

Jefferies also raised its earnings estimates for the company through 2012, citing expected growth in coming quarters. The firm commented, "Deere is the premium machinery play on the global farm sector, where growth is resuming after a relatively modest 2009 ag downturn. The company is also a call option on a replacement cycle in North American construction once the housing situation stabilizes."

Deere shares rose $1.05, or +1.4%, in premarket trading Thursday.

The Bottom Line
Shares of Deere & Co. ( DE ) have a 1.58% dividend yield, based on last night's closing stock price of $76. The stock has technical support in the $69-$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 3.4 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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This article appears in: Investing , Stocks

Referenced Stocks: DE

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