AGCO Corporation Is Finally Cheap Enough To Justify An Upgrade

AGCO Corporation is upgraded from 'hold' to a soft 'buy' due to strong revenue and profitability growth despite challenging agricultural markets.

AGCO trades at the lowest multiples among peers, with potential upside of up to 159.8% if valuation converges to group averages.

The first quarter of 2026 saw revenue rise to $2.34B and adjusted net income more than double, driven by EME segment strength.

I remain vigilant on risks, including tariffs and global uncertainties, but expect Q2 results on July 30th to reinforce the bullish thesis.

A few months ago, in late April of this year, I made the decision to upgrade shares of AGCO Corporation ( AGCO ) from a ‘sell’ to a ‘hold’.

I was impressed by the resilience that management