Merrill Lynch Upgrades Deere (DE) to Buy
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Merrill Lynch upgrades Deere (NYSE: DE) from Neutral to Buy.
Shares of Deere are down 6% this AM after reporting Q2 results.
Deere reported EPS of $1.74, 1 cent worse than estimates. Worldwide net sales and revenues increased 18% to $8.097 billion vs. consensus of $7.61 billion. Deere's net income is forecast to be about $2.2 billion for full-year 2008 and in a range of $550 million to $575 million for the third quarter. Escalating raw-material costs and the availability of various parts and components are expected to have an impact on operations for the balance of the year.
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