UPDATE: Jefferies Reiterates Buy Rating, Raises PT on AGCO Corporation on EPS Guidance

In a report published Wednesday, Jefferies reiterated its Buy rating on AGCO Corporation

, and raised its price target from $58.00 to $62.00. Jefferies noted, “AGCO reported EPS of $0.99 ex. items, $0.04 ahead of our estimate (cons $0.98). Sales were above our estimates but EBIT margin of 5.2% was 40 bps below our model. EPS guidance lowered to $5.10-$5.35 (prior: $5.50-$5.75) due to increased tax expense of $0.40. Initial 1Q13 EPS guidance was $0.85 while end market growth estimates unchanged. Maintain our Buy rating and bump PT to $62.” AGCO Corporation closed on Tuesday at $53.54.