Agco price target lowered to $119 from $127 at Baird

Baird lowered the firm’s price target on Agco (AGCO) to $119 from $127 and keeps an Outperform rating on the shares after the company held its analyst meeting, where it introduced initial FY25 guidance that is “essentially pointing to demand at cycle bottom and maximum pressure” on production and earnings in the first half of 2025. Management raised the mid-cycle margin target, but getting there will take time and higher volumes, the analyst tells investors following the event.