UPDATE: Goldman Sachs Upgrades AGCO Corporation (AGCO) to Buy
Get Alerts AGCO Hot Sheet
Rating Summary:
17 Buy, 12 Hold, 3 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Goldman Sachs analyst Jerry Revich upgraded AGCO Corporation (NYSE: AGCO) from Neutral to Buy with a price target of $161.00.
The analyst comments "We upgrade AGCO Corp. (AGCO) to Buy from Neutral with 23% upside to our unchanged $161 12-month price target. Our upgrade is driven by our positive outlook on a multi-year recovery in long-cycle ag equipment demand and AGCO's margin expansion opportunity in a recovery. Meaningful declines in used equipment inventories over the past seven years (60+% decline) and rising used equipment values (+26% yoy) signal a strong multi-year need for additional capital stock, and new equipment share of farmer capex is in the early stages of recovering off trough. Over the past three months, AGCO is down -17% compared to +7% for the S&P 500, with the underperformance driven by improved weather in the US, concerns surrounding supply chain challenges, and length of cycle debates."
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 $131.93 yesterday.
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