Deere: Jefferies upgrades rating

(CercleFinance.com) - Jefferies has upgraded its rating on Deere from "hold" to "buy;" having increased its correspondig target price for the share from 150 dollars to 190 dollars, "following 5 years of depressed Large ag fundamentals.
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"A tightened global crop supply demand balance and positive momentum in farmer net income support double-digit large equipment growth through 2020," the broker said.

As a result, Jefferies has raised its revenue and margin forecasts for Deere, now expecting EPS of 12 dollars for fiscal year 2020 (against a previous estimate of 11.25 dollars), hence exceeding the consensus of 11.65 dollars.


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