UPDATE: Citigroup Raises PT on Agco on Positive Outlook

In a report published Thursday, Citigroup analyst Timothy Thein reiterated a Neutral rating on Agco AGCO, and raised the price target from $60.00 to $62.00.

In the report, Citigroup noted, “Consistent with strong Ag segment results from major peer (CNH) today (and likely foreshadow of upcoming DE results) AGCO benefited from solid global cash crop conditions, delivering a $0.37 2Q upside surprise. Relative to our expectations, the EMEA segment provided the sharpest positive variance, and is well-positioned into 2H13 given growth of Fendt production (and absence of start-up costs). Full-yr sales /EPS guidance were lifted, with AGCO now expecting ‘12 EPS of ~$6/shr.”

Agco closed on Wednesday at $56.25.