Baird lowered the firm’s price target on Agco to $129 from $139 and keeps an Outperform rating on the shares. The firm said Ag end-user demand cyclical compression is likely to last through 2025 but noted AGCO is sharply cutting production in 2H24, aiming to destock the dealer channel and if successful, then its ability to produce to retail demand in 2025 should stabilize year/year production and earnings.
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