Bernstein raised the firm’s price target on Agco (AGCO) to $97 from $87 and keeps a Market Perform rating on the shares. Agco offered incremental targets at its 2024 Analyst Day event to reach 14%-15% mid-cycle adjusted operating margins by 2029, alongside its current 12% goal by 2026, the analyst tells investors in a research note. While the company was was incrementally cautious on more medium-term targets and offered 2025 preliminary guidance that was below consensus, the firm says the guidance offers a light at the end of the tunnel.
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