Baird lowered the firm’s price target on Agco to $149 from $155 and keeps an Outperform rating on the shares after the company reported Q3 results. The firm said the company continues to execute well as demand softens somewhat and dealer inventory levels normalize. Baird added that 2024 production is expected to match demand but aided by pricing, Fendt driving 4%-5% outgrowth, and the pending Trimble Ag JV further boosting precision ag offerings.
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Read More on AGCO:
- Agco raises FY23 adjusted EPS view to $15.75 from $15.25, consensus $15.30
- Agco reports Q3 EPS $3.74, consensus $3.29
- AGCO Earnings this Week: How Will it Perform?
- Farm equipment view downgraded to Negative from Mixed at OTR Global
- Agco price target lowered to $142 from $157 at JPMorgan
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