Benzinga | Dec 10, 2021 07:24AM EST

Deutsche Bank Downgrades AGCO On Peak Demand Concerns

* Deutsche Bank analyst Nicole Deblase downgraded AGCO Corp (NYSE:AGCO) to Hold from Buy and lowered the price target to $124 (an upside of 3.2%), from $144.

* While 2022 is setting up to be another strong year for the agriculture equipment industry amid record order boards and supply-chain driven production recovery delays, "we have a hard time disputing why this may not be representative of peak demand," Deblase notes.

* The analyst cut her price-to-earnings multiple for Agco shares to 12 times from 14 times as she expects "cycle concerns to dominate the conversation."

* Recently, Morgan Stanley analyst Courtney Yakavonis raised the price target to $157 (an upside of 30.66%) from $153 and maintained an Overweight rating on the shares.

* Price Action: AGCO shares closed higher by 0.86% at $120.14 on Thursday.