Gabelli Maintains Buy on Deere & Co. (DE)

Gabelli is out with its report today on Deere & Co. DE, maintaining Buy. In a note to clients, Gabelli writes, "We are raising our 2011E and 2012P EPS estimates to $6.60 and $7.50, from $6.45 and $7.40 per share, respectively. We continue to believe that Deere is an attractive way to play increased global food demand. We are maintaining a Buy recommendation on Deere, which is currently trading at 13.1x and 11.5x 2011E and 2012P earnings and 7.4x 2012P EBITDA (excluding Deere Finance). The stock is trading at a 35% discount to its 2012P PMV of $132." At the time of posting, shares of DE were trading pre-market at $86.45, down 0.06% from Wednesday's close.