UPDATE: JPMorgan Upgrades AGCO Corporation (AGCO) to Overweight

JPMorgan analyst Ann Duignan upgraded AGCO Corporation (NYSE: AGCO) from Neutral to Overweight with a price target of $164.00 (from $157.00).

The analyst comments "We are Overweight AGCO on valuation. Europe is AGCO’s biggest regional exposure (67% of 2020 segment OP); we expect earnings to continue to recover quickly in 2021 in a more normal production environment (EU hit hardest by COVID-19 lockdowns in 2020), supported by decent fundamentals (strong wheat and dairy prices in particular) and improving sentiment. Its South America business stands to benefit from improved farmer economics, driving broad-based equipment demand (from a relatively low base) including grain storage and Precision Planting. Supply constraints may weigh on its ability to increase production and restock dealer inventories to normal levels by the end of 2021, setting up 2022 for another year of earnings upside, in our view."

For an analyst ratings summary and ratings history on AGCO Corporation click here. For more ratings news on AGCO Corporation click here.

Shares of AGCO Corporation closed at $131.36 yesterday.

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