Stifel Nicolaus Believes Deere (NYSE: DE) Still Has Room to Grow

By Carrie Williams

In a report released today, Stanley Elliott from Stifel Nicolaus reiterated a Buy rating on Deere (NYSE: DE), with a price target of $135. The company’s shares closed last Friday at $120.90, close to its 52-week high of $122.24.

According to, Elliott is a 4-star analyst with an average return of 6.8% and a 60.8% success rate. Elliott covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Martin Marietta Materials, and Illinois Tool Works.

Currently, the analyst consensus on Deere is Hold and the average price target is $113.29, representing a -6.3% downside.

In a report issued on May 19, Credit Suisse also maintained a Buy rating on the stock with a $132 price target.

The company has a one year high of $122.24 and a one year low of $76.73. Currently, Deere has an average volume of 2.28M.

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Deere & Co. manufactures and distributes a complete line of equipment used in agriculture, construction, forestry, and turf care. It also manufactures engines and other power train components. The company also provides credit and other services to customers around the world. It operates its business through the following segments: Agriculture & Turf, Construction & Forestry, and Financial Services. The Agriculture & Turf segment primarily manufactures and distributes a full line of agriculture and turf equipment and related service parts, including large, medium and utility tractors; loaders; combines, corn pickers, cotton and sugarcane harvesters and related front-end equipment and sugarcane loaders; tillage, seeding and application equipment, including sprayers, nutrient management and soil preparation machinery; hay and forage equipment, including self-propelled forage harvesters and attachments, balers and mowers; turf and utility equipment, including riding lawn equipment and walk-behind mowers, golf course equipment, utility vehicles, and commercial mowing equipment, along with a broad line of associated implements; integrated agricultural management systems technology; precision agricultural irrigation equipment and supplies; landscape and nursery products; and other outdoor power products. The Construction & Forestry segment primarily manufactures and distributes machines and service parts used in construction, earthmoving, material handling and timber harvesting, including backhoe loaders; crawler dozers and loaders; four-wheel-drive loaders; excavators; motor graders; articulated dump trucks; landscape loaders; skid-steer loaders; and log skidders, feller bunchers, log loaders, log forwarders, log harvesters and related attachments. The Financial Services segment primarily finances sales and leases by dealers of new and used agriculture and turf equipment and construction & forestry equipment. This segment also provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts and operating loans and offers crop risk mitigation products and extended equipment warranties. Deere was founded by John Deere in 1837 and is headquartered in Moline, IL.