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UPDATE: Stifel Initiates Coverage On Deere & Company On Mixed Factors

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Courtesy of Benzinga.

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In a report published Friday, Stifel analyst Robert Connors initiated coverage on Deere & Company (NYSE: DE) with a Hold rating.

In the report, Stifel noted, “DE stock is tied to the pricing power of farm commodities, and we believe the secular bull market is over. We believe it takes two years for crop prices to impact equipment sales, and we see a 28% drop in North American high horsepower farm equipment sales from the January 2014 peak. Pending a return to ethanol profitability, exports remain an opportunity for U.S. corn. But offsetting this, we see rising export competition from the Black Sea region.”

Deere & Company closed on Thursday at $86.33.

Latest Ratings for DE

Date Firm Action From To
Nov 2014 Stifel Nicolaus Initiates Coverage on Hold
Oct 2014 Citigroup Maintains Buy
Oct 2014 Bank of America Downgrades Neutral Underperform

View More Analyst Ratings for DE
View the Latest Analyst Ratings

Posted-In: Robert Connors StifelAnalyst Color Initiation Analyst Ratings

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