Deere (DE) was upgraded on Friday at JPMorgan (JPM) to neutral from underweight and assigned a $122 price target.

JPMorgan analyst Ann Duignan is bullish on the agricultural equipment maker's recent acquisition with Wirtgen, a German construction firm, citing product quality and reputation.

Deere agreed to acquire the firm on Thursday for roughly $5 billion. 

She believes the market will embrace the deal with open arms.

Duignan wrote that her underweight rating is no longer justified despite risks to Deere's core business.

Shares of Deere were higher during mid-morning trading on Friday.

Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.

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