Agco price target lowered to $123 from $142 at Truist

Truist lowered the firm’s price target on Agco (AGCO) to $123 from $142 and keeps a Buy rating on the shares after its Q3 results and outlook. The company’s higher guidance reflects the third quarter beat, a lower tax rate, higher production in Europe, and lower share count from the $300M share repurchase targeted for Q4, though on the negative, North American dealer inventory continues to be bloated at 8 months of next-12-months sales, and the timing to achieve the targeted 6 months likely runs into the first half of 2026, the analyst tells investors in a research note.