UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on AGCO Corporation
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on AGCO Corporation (NYSE: AGCO), and raised its price target from $53.00 to $55.00.
BMO Capital Markets noted, “We are lowering our 2013 EPS estimate to $5.50 to account for the higher tax rate expected in 2013 (which wasn't included in guidance) from $5.85, and we are introducing a 2014 EPS estimate of $6.00. Our updated price target of $55 is based on the shares trading at 10x our 2013 EPS estimate of $5.50. We reiterate our Outperform rating on AGCO stock owing to strong industry fundamentals, the company's attractive geographic positioning, and the overly low valuation.”
AGCO Corporation closed on Tuesday at $48.09.
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