Agco price target lowered to $109 from $116 at Truist

Truist analyst Jamie Cook lowered the firm’s price target on Agco (AGCO) to $109 from $116 and keeps a Buy rating on the shares. The firm cites the company’s FY25 EPS outlook of $4.00-$4.50, coming in well below the consensus estimate of $6.75, though it also believes that the sale of the Grain and Protein business, a higher tax rate, and unfavorable FX make up an aggregate $1.00 headwind to the 2025 EPS guide, the analyst tells investors in a research note. Truist adds that investors must gain confidence that FY25 is the trough of EPS, while Agco management must regain a track record of meeting and raising guidance.