Stifel Upgrades AGCO Corporation (AGCO) to Buy

Stifel analyst Stanley Elliott upgraded AGCO Corporation (NYSE: AGCO) from Hold to Buy with a price target of $84.00 (from $79.00).

The analyst comments "We recently traveled with AGCO management and came away more encouraged with the self help margin and market share initiatives underway at the company. As a result, we are upgrading shares to Buy from Hold and increasing our target price to $84. AGCO is targeting 50-100 bps of EBIT margin improvement annually driven by a combination of pent-up replacement demand, better mix (large equipment recovery), new products built on common platform, and cost out from materials and manufacturing optimization. We believe the recent pullback in the shares following the WASDE report in early August presents an attractive entry point."

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 $70.34 yesterday.

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