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AGCO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is AGCO Corporation (AGCO) stock moving?
AGCO reported Q3 2026 on Oct 29: adjusted EPS of $1.05 beat the $0.86 estimate, but sales of $2.263B missed the $2.325B estimate. FY2026 adjusted EPS guidance was narrowed to $5.50, the bottom of the prior range and slightly below the $5.59 estimate, and FY2026 sales guidance was cut to $9.8B-$10.0B. Management says the farm equipment cycle is near a trough, with recovery targeted for 2027, and Oppenheimer describes the recovery as uneven but notes stronger North American orders. Price targets moved in both directions: JP Morgan raised its target to $145 (Overweight), Truist cut its target to $136 (Buy), and Morgan Stanley kept an Underweight rating and raised its target to $113. The average 12-month target is $123.79 with a Buy consensus, about 9% above the Nov 10 close of $113.15. The stock closed at 102.16 on Oct 28 and 107.84 on Oct 29 on roughly 2x average volume, then rose to a 116.52 close on Nov 9 before easing to 113.15 on Nov 10. The shares now sit near the Morgan Stanley target, and the volume has normalized to around 0.8M-1.0M shares a day since the earnings spike.
News behind the analysis
- Morgan Stanley Maintains Underweight on AGCO, Raises Price Target to $113Morgan Stanley kept its Underweight rating and raised its price target to $113, close to the Nov 10 close of $113.15.
- AGCO Corporation 12-Month Price Target Raised to $123.79The average 12-month price target rose to $123.79, and the consensus rating shifted to Buy.
- Truist Securities Reiterates Buy on AGCO, Lowers Price Target to $136Truist kept its Buy rating and cut its price target to $136.
- JP Morgan Maintains Overweight on AGCO, Raises Price Target to $145JP Morgan kept its Overweight rating and raised its price target to $145 after the Q3 report.
- Oppenheimer Comments on AGCO's Market RecoveryOppenheimer said the recovery remains uneven but noted strengthening order trends in North America.
- Truist Adjusts Price Target for AGCO CorporationTruist lowered its price target from $146 to $136 while keeping a Buy rating.
- AGCO Gains Despite Sales Miss, Cut Guidance As Management Points To 2027 RecoveryShares rose after an EPS beat despite a sales miss and lower guidance, as management sees the farm equipment cycle near a trough with recovery targeted for 2027.
- AGCO Q3 Adj. EPS $1.05 Beats $0.86 Estimate, Sales $2.263B Miss $2.325B EstimateQ3 adjusted EPS of $1.05 beat the $0.86 estimate, while sales of $2.263B missed the $2.325B estimate.
- AGCO Narrows FY2026 Adj EPS Guidance from $5.50-$5.75 to $5.50 vs $5.59 Est; Lowers FY2026 Sales Guidance from $10.100B-$10.200B to $9.800B-$10.000B vs $10.176B EstFY2026 adjusted EPS guidance was narrowed to $5.50, the low end of the prior range and below the $5.59 estimate. Sales guidance was cut to $9.8B-$10.0B.
- AGCO Reports Third-Quarter 2026 ResultsAGCO released its financial results for the third quarter of 2026 on Oct 29.
About AGCO Corporation
AGCO Corporation is a farm equipment maker based in Duluth, Georgia. It designs, builds and sells tractors, combines, hay tools and precision-farming technology worldwide. Its main brands are Fendt, Massey Ferguson, Valtra and PTx, and its sales lean more toward Europe than those of its US rivals.
How it makes money
AGCO makes most of its money selling new farm machinery to farmers through independent dealers. Tractors and combines alone made up about two-thirds of net sales in early 2026. It also earns money from replacement parts, sprayers, grain and protein equipment, and precision-agriculture technology sold under the PTx brand. Net sales were about $10.1 billion in 2025. In late October 2026 the company expected 2026 sales of roughly $9.8–10.0 billion, down from earlier guidance, as it cut production to bring dealer inventories in line with demand. In April 2026 it sold its 49% stake in its US finance joint venture.
What usually moves AGCO
- Farm income and crop prices
- Interest rates and farm credit conditions
- Tariffs and grain export demand
- Demand in Europe and South America
- Dealer inventory levels and production cuts