Morgan Stanley Raises Estimates, Price Target For Deere Following Strong Q1 Results (DE)

2/18/2010- Morgan Stanley analysts are raising their estimates and price target for Deere (NYSE:DE) after very strong Q1 2010 results from the company, with a stronger underlying order book.

Analysts Robert Wertheimer and Joseph O'Dea said, "Our bullish thesis has begun to play out, as farmer orders are strong in 2010, removing a key worry on the stock. However, we still see substantial upside, particularly into 2011 vs. consensus, and remain OW the shares."

Morgan Stanley maintains an "overweight" rating on the stock and increased its price target to $67. The bank sees fiscal 2010 EPS of $3.26, vs. the consensus estimates of $2.73, and fiscal 2011 EPS of $4.46, vs. the consensus estimates of $3.71.

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