Agco price target raised to $115 from $108 at Oppenheimer

Oppenheimer raised the firm’s price target on Agco (AGCO) to $115 from $108 and keeps an Outperform rating on the shares. Coming into Q2 results, the firm notes a shift in investor sentiment, with the key debate in the agriculture space whether the reversion trade has run its course. Mixed with seasonal commodity weakness, Oppenheimer sees this now divided sentiment providing a difficult set-up into Q2 earnings season. The firm believes inputs have the opportunity to surprise to the upside, even against elevated expectations.