Goldman Sachs Raises PT On AGCO To $68

Goldman Sachs is raising its price target on AGCO Corp.

from $62 to $68 and is maintaining its Neutral rating on the stock, based upon improved risk-reward. According to Goldman Sachs, “We maintain our Neutral rating, as we continue to prefer mining equipment manufacturer Joy Global (JOYG, Buy, $99.86) for commodity reinvestment exposure, but we now see improved risk reward in AGCO, as multiple contraction after strong 1Q results creates a sharp relative value gap to ag equipment peers CNH (Sell, $48.10) and Deere (DE, Neutral, $97).” AGCO closed yesterday at $57.