Agco price target raised to $155 from $135 at JPMorgan

JPMorgan analyst Tami Zakaria raised the firm’s price target on Agco to $155 from $135 and keeps an Overweight rating on the shares. Using Deere’s regional outlook as a proxy, the analyst believes Agco can grow volume by low single digits to mid single digits next year, while pricing can be up high single digits based on carryover and incremental actions. Agco’s preliminary 2023 sales expectations are likely to bracket the Street at the low end, assuming the supply chain continues to improve from hereon, Zakaria tells investors in a research note.