Zacks Investment Research upgraded shares of AGCO Corporation (AGCO) from UNDERPERFORM to NEUTRAL on December 26, 2014, with a target price of $48.00.
In third-quarter 2014, AGCO's earnings declined 44% year-over-year to $0.71 per share, even though it surpassed the Zacks Consensus Estimate of $0.63. For 2014, the company expects GSI sales to be up approximately 10%. Moreover, AGCO remains committed to strategic investments in new product development, distribution enhancement and productivity improvement. The company is also focused on increasing shareholder value through share repurchases. However, AGCO anticipates decline across all major global agricultural markets, particularly in the row crop segment in 2014. Moreover, FINAME funding interruptions earlier this year, a weaker sugar sector and volatile foreign currency will hurt growth. Thus, we are upgrading our recommendation on AGCO from Underperform to Neutral with a target price of $48.
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