AGCO Corporation (AGCO) PT Lowered to $156 at Oppenheimer
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Oppenheimer analyst Kristen Owen lowered the price target on AGCO Corporation (NYSE: AGCO) to $156.00 (from $169.00) while maintaining an Outperform rating.
The analyst commented, "AGCO's Sustainability Technology tour and demo highlighted the company's focus on growth in high margin, less cyclical businesses. Current macro dynamics and EU Green Deal/Common Ag Policy requirements emphasize the need for resource efficiency-enabling technologies, and we believe AGCO's retrofit first strategy and dedicated aftermarket channel are industry differentiators. Other growth vectors highlighted include Fendt brand globalization and increased precision revenue targets. Combined, AGCO is laying groundwork for $1.4B in incremental revenue and midcycle operating margins trending toward 12%. We adjust estimates for 2Q cyberattack effects, trim our PT to $156 (from $169) and remain constructive on shares."
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