Downgrade Alert for AGCO (AGCO)
AGCO (NYSE:AGCO) was downgraded from Neutral to Underweight at Piper Jaffray today. The stock closed yesterday at $47.26 on volume of 1.3 million shares, above average daily volume of 994,000.
AGCO (NYSE:AGCO) is currently priced 2.1% above its average consensus analyst price target of $46.29. The stock should run into initial resistance at its 200-day moving average (MA) of $48.76 and subsequent resistance at its 50-day MA of $51.12.
In the past 52 weeks, shares of AGCO have traded between a low of $41.91 and a high of $57.90 and closed yesterday at $47.26, which is 13% above that low price. The 200-day and 50-day moving averages have moved 0.09% lower and 0.82% higher over the past week, respectively.
AGCO Corporation manufactures and distributes agricultural equipment throughout the world. The Company sells a range of agricultural equipment and related replacement parts, including tractors, combines, hay tools, sprayers, and forage equipment. AGCO markets its products under a variety of brand names, including Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.
SmarTrend recommended that its subscribers protect gains by selling shares of AGCO on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $51.54. Since that call, shares of AGCO have fallen 5.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades