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UBS Cuts Deer & Co. to Neutral from Buy


UBS Financial downgraded Deere & Co. (DE) to neutral from buy, explaining that investors will increasingly view 2005 as a peak year for farm machinery demand.

Analyst David Bleustein believes this will limit the upside potential in the stock price during the next 12 months. He continues to expect $5.00 fiscal year 2006 (ending October) earnings per share, as continuing growth in construction, commercial, and consumer finance businesses are more than offset by a decline in agricultural equipment. He cut his $76 target to $72.


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