AGCO Recovery Still Uneven as North America Orders Strengthen, Oppenheimer Says

MT Newswires Live10-31 00:52

AGCO (AGCO) should benefit from strong early-order demand for its agricultural equipment and market-share gains in North America, helping offset continued weakness in Europe and South America, Oppenheimer said Friday in a report.

On Thursday, AGCO reported Q3 adjusted EPS of $1.05, topping the $0.87 consensus estimate, as net sales of $2.26 billion trailed the $2.32 billion market expectation, the report said.

Oppenheimer cut its 2026 forecast to adjusted EPS of $5.50 on net sales of $9.91 billion from its prior outlook of adjusted EPS of $5.59 on sales of $10.07 billion. The firm also lowered its 2027 forecasts.

AGCO reported North American early-order volumes were up in the high teens, covering about 20% to 25% of regional sales, while market share increased by more than 200 basis points across its Fendt and Massey Ferguson brands, Oppenheimer said. Roughly $40 million of carryover cost savings and a modest 2027 recovery outside South America should support margins, the report said.

Oppenheimer maintained its outperform rating and its $123 price target on AGCO shares.

Price: 110.37, Change: +2.53, Percent Change: +2.35

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