Deere & Company Stock Rating Reaffirmed by Zacks (DE)
Deere & Company (NYSE:DE)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Thursday. They currently have a $89.00 price target on the stock. Zacks‘s price target would suggest a potential upside of 5.34% from the stock’s previous close.
Zacks’ analyst wrote, “Deere reported third-quarter 2014 earnings of $2.33 per share, down 9% year over year. Earnings, however, beat the Zacks Consensus Estimate of $2.19. Deere’s worldwide total sales dipped 5% year over year to $9.50 billion, surpassing the Zacks Consensus Estimate. Deere expects a 6% drop in equipment sales and lowered its net income projection to $3.1 billion for fiscal 2014. Deere’s long-term outlook remains strong based on increased global demand for food, shelter and infrastructure. Additionally, the company continues to increase dividends and repurchase shares on the basis of strong balance sheet. However, lower commodity prices remain the matter of concern. Thus, we are reaffirming our Neutral recommendation on Deere with a target price of $89.”
Several other analysts have also recently commented on the stock. Analysts at Macquarie reiterated a “neutral” rating on shares of Deere & Company in a research note on Thursday. They now have a $85.00 price target on the stock, down previously from $88.00. Separately, analysts at Global Hunter Securities reiterated a “neutral” rating on shares of Deere & Company in a research note on Thursday. They now have a $86.00 price target on the stock, down previously from $90.00. Finally, analysts at Robert W. Baird reiterated a “neutral” rating on shares of Deere & Company in a research note on Thursday. They now have a $85.00 price target on the stock, down previously from $87.00. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $86.97.
Shares of Deere & Company (NYSE:DE) traded up 0.47% during mid-day trading on Thursday, hitting $84.89. 6,386,688 shares of the company’s stock traded hands. Deere & Company has a 52-week low of $80.76 and a 52-week high of $94.89. The stock has a 50-day moving average of $87.80 and a 200-day moving average of $89.28. The company has a market cap of $30.882 billion and a price-to-earnings ratio of 9.24. Deere & Company also saw a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 24,493,467 shares, a growth of 16.6% from the July 15th total of 21,003,363 shares. Approximately 6.7% of the company’s stock are short sold. Based on an average daily trading volume, of 3,399,526 shares, the short-interest ratio is presently 7.2 days.
Deere & Company (NYSE:DE) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $2.33 EPS for the quarter, beating the analysts’ consensus estimate of $2.20 by $0.13. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.75 million. Analysts expect that Deere & Company will post $8.40 EPS for the current fiscal year.
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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