Citigroup (NYSE:C) has a "Buy" rating on Deere & Company (NYSE:DE) and bumped up their price target significantly on the equipment maker.
Citi said their "Buy" rating reflected slower tonnage in the North American market and sales growth estimates of 8 percent. Overall this could end up with operating profits declining over a period of time.
Earnings per share for full year 2011 are below consensus, with Citi seeing $5.21 a share, and consensus at $5.32. For 2012, earnings per share are estimated to come in at $6.00 by Citigroup, while consensus is at $6.32.
Deere & Company was trading at $75.72, falling $0.28, or 0.37 percent at 12:39 PM EST. Citi raised their price target on them from $75 to $87.
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