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AGCO (NYSE:AGCO) on Tuesday was upgraded to Hold from a previous investment rating of Sell by analysts at research firm CFRA.
They said the maker of farming equipment is more fairly valued after its stock declined since the beginning of the year. Elevated interest rates have limited some customers from financing their purchases of new equipment, while falling crop prices have negatively affected farm incomes.
“AGCO (AGCO) is likely to undershoot expectations for Q2, though we now see risks being more appropriately reflected after a 22% decline in shares year-to-date,” Jonathan Sakraida, analyst at CFRA Research, said in an emailed research note.