Agco price target lowered to $88 from $100 at UBS

UBS analyst Steven Fisher lowered the firm’s price target on Agco (AGCO) to $88 from $100 and keeps a Neutral rating on the shares. There is more earnings downside for the machinery companies related to macroeconomic headwinds that is not yet priced in, despite the pullbacks in the stocks to date, the analyst tells investors in a research note. The firm believes the macroeconomic impacts of tariffs and continued uncertainty will lead to further deterioration in demand from most end markets, including freight, construction, oil and gas, mining, and industrial activity generally. Tariffs will also raise costs for companies, adds UBS.