Agco downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Jerry Revich downgraded Agco to Neutral from Buy with a price target of $135, down from $149. The analyst has been concerned with rising industry used equipment inventories for equipment under 175 HP over the past six months, and says this past quarter new equipment inventories have started to increase as well. These factors, combined with machinery share of farmer capex that is now at normalized levels, point to a supply-demand balance, the analyst tells investors in a research note.