Deere & Co. Stock Plowing Ahead

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Deere & Co. (NYSE:DE) — The world’s biggest producer of farm equipment, and maker of construction machinery and lawn and garden equipment, is in an ideal way to benefit from an economic turnaround. S&P analysts forecast a strong gain in farm income and a likely improvement in global construction markets will boost equipment demand from Deere.

Earnings are expected to increase from $7.63 in 2012 to $8.50 in 2013 and $9.15 in 2014. This blue-chip stock pays an annual dividend of $2.04 for a current yield of 2.32%. S&P recently increased its 12-month target price from $111 to $120.

Technically, DE is in a long-term bull market, but retreated to its bullish support line at $86 after a run to $95.60. The short-term technical objective for DE is $96, and the longer-term target is $130.

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