Morgan Stanley Maintains Underweight on AGCO

Morgan Stanley remains rated Underweight on AGCO

as the company posts a solid quarter without changing the relatively modest upside in comparison to peers. Morgan Stanley comments, "AGCO reported 4Q results that were ahead of expectations. Adjusted EPS of $1.44 beat our $1.27, partially due to a lower-than-expected tax rate and fewer below the line expenses. Management maintained guidance for 2012 that was first provided in December. We remain Underweight and continue to see more upside for construction oriented names such as CAT and MTW." AGCO closed at $53.73 a share on Monday.