JPMorgan raised the firm’s price target on Agco (AGCO) to $157 from $155 and keeps an Overweight rating on the shares. The analyst views Agco joint venture with Trimble (TRMB) as a positive catalyst for both companies. Given the higher margin profile and lower cyclicality due to a retrofit strategy, this should help Agco narrow the valuation gap versus. larger peer Deere (DE) overtime, the analyst tells investors in a research note.
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