JPMorgan lowered the firm’s price target on Agco (AGCO) to $135 from $137 and keeps an Overweight rating on the shares. The firm reduced agriculture machinery targets to reflect the latest the updated Section 232 tariffs, which assign a 50% tariff on the value of steel and aluminum content of imported products.
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Read More on AGCO:
- Jefferies sees other heavy manufacturers facing headwinds like Caterpillar
- Caterpillar estimates lowered at Morgan Stanley on additional tariff headwinds
- Agco says new tariffs making it harder to boost U.S. market share, WSJ reports
- Agco CEO: We’ve been managing our costs and inventories proactively
- Agco management to meet with Oppenheimer