Oppenheimer lowered the firm’s price target on Agco (AGCO) to $134 from $136 and keeps an Outperform rating on the shares. The firm notes shares closed down 5.5% Tuesday despite a healthy Q1 beat and dynamic FY26 guide. Demand remains cautious, with EME further ahead in cycle normalization, while LatAm continues to offer the least visibility. Structurally, the change in tariffs is driving further emphasis on price/cost, now expected to be negative for the full year, Oppenheimer adds.
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