Jefferies Maintains Buy on AGCO

Jefferies maintains its Buy rating on AGCO

following AGCO's annual investor meeting. In a note to clients, Jefferies writes, "Despite below consensus earnings guidance, AGCO painted a relatively rosy picture at its analyst day, sending the stock up ~5% on the day. Overall, we heard nothing that changes our view of the underlying industry fundamentals, while the outlook for AGCO specifically looks brighter as we begin to get increased visibility on the trajectory of margin improvement in the coming years. Given strong industry fundamentals and management's tendency to play down near term expectations, we continue our Buy rating and raise our price target to $58." AGCO is trading at $47.69