Agco price target raised to $124 from $115 at Oppenheimer

Oppenheimer analyst Kristen Owen raised the firm’s price target on Agco (AGCO) to $124 from $115 and keeps an Outperform rating on the shares. The firm notes Agco shares closed +10.6% on Thursday after a beat-and-raise Q2 fueled by F/X and healthy EME operating margin resiliency. While Oppenheimer wasn’t surprised by the Q2 results and Q3 guide beat, the trough confirmation signal and subsequent share response was ahead of its expectations, particularly in light of the dampened outlook in NorAm and Western Europe.