A Banc of America Securities LLC analyst upgraded shares of Deere & Co. today, expecting the agricultural equipment maker to gain from high crop prices and demand for commodities, such as corn, used in ethanol production, the Associated Press reported.

Analyst Seth Weber increased his rating on the stock from “neutral” to “buy” and raised his price target to $186 from $130, implying upside of nearly 19 percent to Friday’s $156.64 closing price.

Last week, Deere said strong demand for tractors and combines worldwide fueled its fiscal fourth-quarter profit increase of 52 percent compared with a year ago, above the average estimate of analysts polled by Thomson Financial. Weber said the most recent quarter marks the fourth straight time the company has surpassed Wall Street expectations by at least 25 cents per share.

Weber expects higher crop prices and production volumes to generate more crop receipts and farm income, which will boost purchases of farm equipment. The use of corn in ethanol production also will contribute to higher prices and tighter supplies, Weber added.

Goldman Sachs analyst Terry Darling raised his price target to $180 from $163 and anticipates increases from a strong agriculture cycle, “with the agricultural economy also historically showing less sensitivity to general slowdowns in overall economic activity.”