UBS, Credit Suisse Adjust Numbers Downward for Deere Following Weak Q3 Report (DE)

By Staff,

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Farming and construction equipment maker Deere & Company ( DE ) caught some tepid commentary from two major Wall Street firms following its disappointing third quarter earnings report .

UBS maintained its "Buy" rating on DE but lowered its earnings estimates through 2013, given Deere's weak Q3 results. Still, UBS has a $100 price target on DE, which suggests a massive 33% upside to the stock's Wednesday closing price of $75.10.

Meanwhile, Credit Suisse cut its own estimates on Deere, citing the company's weakened guidance. The analyst still rates DE an "Outperform," but lowered its price target to $90.

Deere shares posted small losses in morning trading Thursday.

The Bottom Line
Shares of Deere & Company ( DE ) have a 2.45% dividend yield, based on last night's closing stock price of $75.10. The stock has technical support in the $71-$72 price area. If the shares can firm up, we see overhead resistance around the $80-$82 price levels.

Deere & Company ( DE ) is not recommended at this time, holding a 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: DE

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