UBS Maintains Neutral Rating On AGCO, Price Target At $119

Core Viewpoint - UBS maintains a Neutral rating and a price target of $119 on AGCO Corporation, indicating a balanced risk-reward outlook amid industry challenges [1] Company Strategy - AGCO's strategy to expand market share in North America while maintaining positions in South America and Europe is viewed as logical [1] - The introduction of products like FarmerCore is seen as having disruptive potential, although there are risks associated with tariffs and a slower recovery in the North American market without a rebound in corn prices [1] Financial Metrics - Progress on the Trimble partnership and cost reduction initiatives are considered positive for margins [2] - The $119 price target is based on a 15.5x P/E multiple applied to expected EPS of $7.70 for the second half of fiscal 2026 through the first half of fiscal 2027 [2]