Deutsche Bank Starts AGCO Corporation (AGCO) at Hold
- AT&T (T) Agrees to Acquire Time Warner (TWX) for More than $80 Billion - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Deutsche Bank initiated coverage on AGCO Corporation (NYSE: AGCO) with a Hold rating and a price target of $54.
Analyst Nicole DeBlase said, "Broadly, we are not quite ready to call the trough in Ag equipment demand – but this focuses on the NA high horsepower tractor segment of the market, where dealer inventory is still too high. Fortunately, AGCO does not have material exposure to NA HHP tractors – only 26% of total sales are generated in NA (vs. 53% for DE and 42% for CNHI), and this is focused on small/medium tractors. We also like the company’s outsized exposure to Brazil, which can add $1.16 (59%) to EPS over the next five years, in our base case recovery scenario. And while the outlook for W. Europe Ag equipment demand is far from exciting, stable is still better than down."
Shares of AGCO Corporation closed at $47.59 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Brinker International (EAT): Ready To Pull Ahead Of The Pack - Wells Fargo
- PayPal (PYPL) PT Lifted to $48 at Mizuho Following Solid Q3
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!