BofA lowered the firm’s price target on Agco to $131 from $149 and keeps a Neutral rating on the shares. The firm sees a “no pain, no gain” theme as it looks towards 2024 in its Machinery, E&C and Waste coverage. More EPS “pain” in the near-term sets up a better risk/reward in 2024 for “some names,” but the firm has near-term caution on short-cycle names in the group, the analyst tells investors.
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