Jefferies Maintains “Buy” Rating on Deere Ahead of Q2 Results (DE)

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Farm and construction equipment maker Deere & Company ( DE ) on Friday saw its "Buy" rating reiterated by analysts at Jefferies & Co. ahead of next week's earnings report.

The firm also backed its $110 price target DE, which suggests a 22% upside to the stock's Thursday closing price of $90.36.

A Jefferies analyst commented, "DE is known for conservative guidance, and we expect that similar to other companies in the quarter, DE is likely to only raise guidance by the quarterly beat. Given a Q3 C&F shutdown for SAP transition, Japan impact, commodity cost volatility, iT4 transition costs, and higher R&D. DE could raise its European A&T end market forecast given a strong start to the year, but given consensus already 6% over guidance, we believe guidance is unlikely to exceed the Street."

Deere is slated to report its second quarter earnings on the morning of May 18. DE shares were mostly flat in premarket trading Friday.

The Bottom Line
Shares of Deere ( DE ) have a 1.55% dividend yield, based on last night's closing stock price of $90.36. The stock has technical support in the $85-$87 price area. The shares are trading near all-time highs of $97-$100 a share.

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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