Deere & Co. Receives Neutral Rating from Zacks (DE)
Deere & Co. (NYSE:DE)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Thursday, Analyst Ratings Network.com reports. They currently have a $91.00 price objective on the stock. Zacks‘ target price would indicate a potential upside of 4.84% from the stock’s previous close.
Zacks‘ analyst wrote, “Deere reported first quarter 2014 earnings of $1.81 per share, up 10% year over year. Quarterly sales increased 3% to $7.6 billion. Deere expects equipment sales to decrease around 2% year over year for the second quarter of fiscal 2014 and to decline 3% in fiscal 2014. Even though net farm income remains at high levels, farmer sentiment regarding capital goods purchases is becoming more conservative due to lower commodity prices. Deere will nevertheless benefit from recovery in construction sector and investment in Brazil. Furthermore, given its strong balance sheet, the company can continue to increase dividends and repurchase shares. Thus, we reiterate our Neutral recommendation on Deere with a target price of $91.”
Shares of Deere & Co. (NYSE:DE) traded down 1.28% on Thursday, hitting $85.79. 2,445,717 shares of the company’s stock traded hands. Deere & Co. has a one year low of $79.50 and a one year high of $93.88. The stock’s 50-day moving average is $88.24 and its 200-day moving average is $84.91. The company has a market cap of $31.955 billion and a price-to-earnings ratio of 9.56. Deere & Co. also was the target of some unusual options trading on Monday. Stock traders bought 7,058 put options on the company. This is an increase of approximately 122% compared to the average volume of 3,186 put options.
Deere & Co. (NYSE:DE) last issued its quarterly earnings data on Tuesday, February 11th. The company reported $1.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.52 by $0.29. The company had revenue of $7.65 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the company posted $1.65 earnings per share. Deere & Co.’s revenue was up 2.3% compared to the same quarter last year. On average, analysts predict that Deere & Co. will post $8.34 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG raised their price target on shares of Deere & Co. to $75.00 in a research note on Thursday. They now have a “sell” rating on the stock. Separately, analysts at Barclays raised their price target on shares of Deere & Co. from $93.00 to $101.00 in a research note on Monday, January 13th. They now have an “overweight” rating on the stock. Finally, analysts at BMO Capital Markets downgraded shares of Deere & Co. from an “outperform” rating to a “market perform” rating in a research note on Monday, November 25th. They now have a $84.00 price target on the stock. Seven analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. Deere & Co. currently has an average rating of “Hold” and an average target price of $90.71.
Deere & Company (NYSE:DE) along with its subsidiaries, operates in three segments: agriculture and turf, construction and forestry and financial services.
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