Agri machinery firm AGCO falls after JP Morgan cuts PT

Farm equipment maker AGCO Corp's AGCO.N shares fall 2.3% to $104.46 premarket after J.P.Morgan cuts PT to $123 from $127

New PT at an upside of 15% to AGCO's last close of $106.86

Brokerage says 2026 is expected to be a tough year for agri equipment makers in North America

Pricing will likely grow only in low-single digits annually - JPM

Expects recovery after 2026 but margins won't bounce back strongly

Still, brokerage prefers AGCO over peer CNH Industrial CNH.N due to its European exposure and partnership with Trimble for precision agriculture technology

Four of 15 brokerages rate the stock "buy" or higher, 10 "hold" and 1 "sell"; their median PT is $117 - data compiled by LSEG

As of last close, stock up 14.3% YTD