Deere (NYSE:DE) Remains Premium Farm Machinery Play Says Jefferies

Jefferies remains positive on Deere (NYSE:DE), as the company, in their estimation, is still the premium play in the farm machinery sector.

"Deere is the premium machinery play on the global farm sector, where growth is resuming after a relatively modest 2009 ag downturn. The company is also a call option on a replacement cycle in North American construction once the housing situation stabilizes," said Jefferies.

The company also raised the earnings per share outlook for full year 2010 from $23 billion and $4.50 a share, to $23.4 billion and $4.59 a share. For full year 2011, they have EPS raised from $5.30 to $5.50, and for 2012, EPS was increased from $27.5 billion and $6 a share to $28 billion and $6.25 a share.

Jefferies maintains a "Buy" rating on Deere. They were trading at $77.08, gaining $1.08, or 1.42 percent at 10:00 AM EST.