UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Deere & Company

In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating on Deere & Company

, and raised its price target from $91.00 to $103.00. Piper Jaffray noted, “With used farm equipment inventory levels coming down sharply in recent months and visibility around 2012 farm income improving (aided by crop insurance), we are lifting our price target to $103, raising our FY13 & FY14 estimates and reiterating our Overweight rating on DE shares. Based on our checks, 2013 equipment orders are already beginning to build in states that were less affected by the drought, and with corn prices remaining above $7/bu we believe crop insurance provides a catalyst for demand in harder hit areas of the cornbelt, which provides us with increased confidence in the FY13 earnings outlook.” Deere & Company closed on Friday at $82.47.