Oppenheimer Cuts AGCO's Price Target By ~8%

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  • Oppenheimer analyst Kristen Owen lowered the price target on AGCO Corp AGCO to $156 (an upside of 62%) from $169 while maintaining the Outperform rating on the shares.
  • The analyst's reduced price target reflects a baseline valuation assumption of 2023 peak earnings, with space for multiple expansion should 2023 farm margin headwinds lessen, stated the analyst.
  • Owen updated the estimates to reflect the Q2 cyberattack.
  • Price Action: AGCO shares are trading lower by 4.24% at $96.26 on the last check Tuesday.
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