UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Deere & Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on Deere & Company DE, and raised its price target from $70.00 to $80.00. 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 on Wednesday at $85.99.