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Deere (DE) Stock Closed Lower, UBS Downgraded

NEW YORK (TheStreet) -- Shares of Deere (DE) closed down 0.59% to $77.71 as the company's stock rating was cut to "neutral" from "buy" at UBS earlier today, the Fly reports.

The firm also reduced its price target to $80 from $94 on shares of the Moline, IL-based agriculture and construction machinery company.

The downgrade is due to the drop in corn prices, which have fallen to $3.40 per bushel from $4.40 per bushel since June, according to the analyst note.

The lower prices mean that farmers will have less money...


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