AGCO - AGCO wins Morgan Stanley Deutsche Bank upgrades on strong ag outlook

AGCO ([[AGCO]] +5.5%) pops at the open after gaining upgrades from at least two firms, with Morgan Stanley raising shares to Overweight from Equal Weight at a Street-high $122 price target from $95 and Deutsche Bank upgrading to Buy from Hold with a $107 target from $92 previously.Stanley cites "a strong fundamental case emerging for AGCO," with revenue growth "complemented by upside to margin estimates and an attractive valuation paradigm."The company is making "tangible progress" toward its margin target, which is "underappreciated" by analysts and investors, the firm says.AGCO could be "the last cheap machinery stock," Deutsche Bank says in its upgrade.Additionally, Oppenheimer initiates AGCO with an Outperform rating and $114 price target, saying the company is "well positioned to benefit from secular trends of digitization, automation and autonomy unfolding in agriculture.""We believe AGCO is effectively leveraging its technology investments to create a steady stream of incremental value through OE integration and

For further details see:

AGCO wins Morgan Stanley, Deutsche Bank upgrades on strong ag outlook