Wells Fargo & Co (NYSE:WFC) and JP Morgan Chase (NYSE: JPM) analysts both upgraded farm equipment maker Deer & Co (NYSE: DE) today.
JP Morgan Chase boosted its rating on Deere & Co from “Underweight” to “Neutral” and raised its price target for Deere & Co’s stock to $52.00 from $7.00.
Analysts at Wells Fargo also upped their rating on Deere to “Outperform” from “Market Preform”. Wells Fargo’s analyst also raised its valudation range on the stock to $65.00 to $68.00 from $48.00 to $50.00.
Wells Fargo’s analysts commented that “Q4 09 earnings beat consensus, and DE guided beneath consensus with a relatively conservative outlook. With the guidance risk behind the stock, we expect Fiscal 2010 will be the earnings trough for DE and believe that investors can discount improved earnings performance beginning Fiscal H2 2010 with significant earnings growth in Fiscal 2011.” Wells Fargo has also boosted its earnings estimates for the company through 2011.
Deer & Co’s shares, which closed at $52.36 on Friday rose to $53.31 by the end of the trading day on Monday, or about 1.8%