UPDATE: Jefferies Raises PT to $70 on Deere & Company on Fiscal 2013 Outlook

Jefferies reiterated its Hold rating on Deere & Company 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.