- Goldman Sachs analyst Jerry Revich has upgraded AGCO Corporation's AGCO rating to Buy from Neutral, with a price target of $161, implying an upside of 19.18%.
- Revich is positive on a "multi-year recovery" in long-cycle ag equipment demand and Agco's margin expansion opportunity in a recovery.
- He mentions that the 17% share pullback has been driven by improved weather in the U.S., length of cycle, and supply chain concerns over the past three months.
- Revich also adds that the tractors and combines represent the longest cycle machinery products in his coverage, with five-year residual values of 70% compared to 30%-50% for truck and construction machinery.
- Price Action: AGCO shares are trading higher by 2.82% at $135.65 on the last check Tuesday.
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