AGCO Stock Price – AGCO Corp. Stock Quote (U.S.: NYSE)


Deere’s stock falls after J.P. Morgan turns bearish as agriculture fundamentals deteriorates

Shares of Deere & Co. fell 1.2% in premarket trade Tuesday, after J.P. Morgan turned bearish on the agriculture, construction and turf care equipment maker citing the “rapidly deteriorating fundamentals” in the U.S. agriculture industry. Analyst Ann Duignan cut her rating back to underweight, after being at neutral since June 2017, while lowering her price target to $132 from $154. Duignan said the U.S. farming industry is being hit with a “perfect storm,” as tariffs have weighed on U.S. soybean exports, import demand from China has fallen as it deal with reduced hog herd as a result of an African swine fever outbreak, near-record soybean and corn production in Brazil and Argentina, strength in the U.S. dollar that has made U.S. exports more expensive and potential yield losses as the U.S. Midwest got off to a “very slow start.” Separately, Duignan upgraded Agco Corp. to overweight from neutral, as the company’s limited exposure to the U.S. row crop sector suggests the recent selloff in the stock is overdone. Agco’s stock was still inactive in the premarket. Deere’s stock has tumbled 11.7% so far this month through Monday and Agco shares have slipped 0.4%, while the SPDR Industrial Select Sector ETF has given up 5.0% and the S&P 500 has lost 4.6%.

Source : MTV