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Benzinga

Akanksha Bakshi

Oppenheimer Cuts AGCO's Price Target By ~8%

AGCO Oppenheimer NYSE

Oppenheimer analyst Kristen Owen lowered the price target on AGCO Corp (NYSE: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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