Agco price target lowered to $150 from $152 at Citi

Citi lowered the firm’s price target on Agco to $150 from $152 and keeps a Buy rating on the shares. The analyst made modest revisions to second half of 2023 machinery estimates and price targets to reflect better margin outlooks, offset in part by higher projected real rates and lower target multiples. The firm says “ongoing pivots between hard verses soft landing” make for a volatile macro backdrop, but it expects micro commentary around 2024 to “tilt modestly positive” given backlog support, especially for companies with outsized exposure to U.S. manufacturing and mega projects.