Deere (DE) Shares Outperforming as Morgan Stanley Upgrades to Overweight
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Shares of Deere (NYSE: DE) are outperforming the broader averages today as we had an upgrade from Morgan Stanley early this morning. The stock most recently traded at $52.37, up 3% from Friday's closing price.
The firm raised its rating on DE shares from Equal Weight to Overweight and also boosted its price target from $48 to $64, saying that it believes demand for U.S. farm equipment will grow "as customers add farm acreage." Specifically, Morgan Stanley estimates that corn prices will rise by about 4% in 2010, citing strong feed and ethanol demand. Lastly, the firm said it likes the chances of a recovery in Brazil.
Morgan Stanley believes that Deere shares offer investors a "rare opportunity" within the machinery group.
Given today's move higher, Morgan Stanley's new price target on Deere represents potential upside of about 22%.
Visit our Analyst Ratings page to see all the market-moving upgrades/downgrades on shares of Deere.
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