Deutsche Bank Downgrades AGCO On Peak Demand Concerns

December 10, 2021 7:24 AM | 1 min read | Make a Comment

Deutsche Bank analyst Nicole Deblase downgraded AGCO Corp AGCO to Hold from Buy and lowered the price target to $124 (an upside of 3.2%), from $144.
While 2022 is setting up to be another strong year for the agriculture equipment industry amid record order boards and supply-chain driven production recovery delays, "we have a hard time disputing why this may not be representative of peak demand," Deblase notes.
The analyst cut her price-to-earnings multiple for Agco shares to 12 times from 14 times as she expects "cycle concerns to dominate the conversation."
Recently, Morgan Stanley analyst Courtney Yakavonis raised the price target to $157 (an upside of 30.66%) from $153 and maintained an Overweight rating on the shares.
Price Action: AGCO shares closed higher by 0.86% at $120.14 on Thursday.