UPDATE: Jefferies Raises PT to $70 on Deere & Company on Fiscal 2013 Outlook
Jefferies reiterated its Hold rating on Deere & Company (NYSE: DE) but increased its price target from $70 to $80.
Jefferies noted, "We provide our updated model following DE's F4Q EPS report. Our FY13E is tweaked from $8.00 to $8.25, and our price target goes from $70 to $80 as we roll the target to CY13 mid cycle multiples. Despite good execution, we continue our HOLD rating as DE is going through a significant investment cycle against a backdrop of flattish overall revenues."
Deere & Company closed at $85.99 on Wednesday.
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