BofA, Morgan Stanley Cut Price Target On AGCO - Read Why - AGCO (NYSE:AGCO)

BofA analyst Ross Gilardi downgraded AGCO Corp AGCO to Neutral from Buy and lowered the price target to $135 (an upside of 6%), from $154 post the Q3 earnings report.
"Realistic peak earnings power" is now priced into the shares, Gilardi notes. The European CEMA index, which historically has coincided with key inflection points in Agco shares, has "rolled over."
The analyst sees farm equipment market conditions remaining favorable for the next two years but says Agco shares are already priced for peak earnings of around $12 per share, "which seems about right."
Morgan Stanley analyst Courtney Yakavonis lowered the price target to $153 (an upside of 20.5%) from $156 and maintained an Overweight rating on the shares.
Recently, Credit Suisse lowered the price target to $155 (an upside of 22%) from $159 and maintained an outperform rating on the shares.
Price Action: AGCO shares are trading higher by 3.66% at $126.68 on the last check Monday.

BofA, Morgan Stanley Cut Price Target On AGCO - Read Why