Truist initiated coverage of Agco with a Buy rating and $142 price target. The analyst believes the Trimble joint venture and GSI divestiture will improve Agco’s margins by 130-140 basis points. The firm says the market is not giving the company credit for its growing margin story associated with precision agriculture and actions to improve the earnings power through portfolio changes and operational initiatives. Agco is “extremely attractive” at current valuation levels, the analyst tells investors in a research note.
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