Agco price target lowered to $139 from $144 at Baird

Baird lowered the firm’s price target on Agco to $139 from $144 and keeps an Outperform rating on the shares. The decline in retail demand is “well understood,” but the key question is now the pace of channel destocking, says the analyst, whose sense is that for Agco “there is still more work to be done with further downside risk relative to the updated guidance.” The firm, which remains long-term buyers, acknowledges “a tougher near-term setup,” which drove its 2024 EPS estimate below $11 per share.