Agco price target raised to $170 from $165 at Wells Fargo

Wells Fargo analyst Seth Weber raised the firm’s price target on Agco to $170 from $165 and keeps an Overweight rating on the shares. Weber notes that the company’s Analyst Day highlighted strides the company has made to expand its product portfolio, its differentiated precision Ag approach and structurally improved/profitable company, all of which contribute to a better-than-expected 2023 outlook as underlying markets remain supportive. He views the update as positive.