Agco price target lowered to $149 from $155 at Baird

Baird lowered the firm’s price target on Agco to $149 from $155 and keeps an Outperform rating on the shares after the company reported Q3 results. The firm said the company continues to execute well as demand softens somewhat and dealer inventory levels normalize. Baird added that 2024 production is expected to match demand but aided by pricing, Fendt driving 4%-5% outgrowth, and the pending Trimble Ag JV further boosting precision ag offerings.