Agco initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Angel Castillo initiated coverage of Agco (AGCO) with an Equal Weight rating and $101 price target The firm expects the global agriculture equipment cycle downturn to persist in 2025. Agco’s relatively higher levels of North America inventory and a difficult road ahead for share gains suggest risk of near-term underperformance versus peers, the analyst tells investors in a research note. However, Morgan Stanley believes this appears to already be priced into the current valuation.