Agco Corporation (NYSE:AG) is expected to report Q2 earnings before market open Tuesday, July 29, with a conference call scheduled for 10:00 a.m. ET.
Analysts are looking for EPS of 97c on revenue of $2.17B. The consensus range is 87c to $1.10 for EPS, and $2.05B to $2.23B for revenue, according to First Call. The company gave FY08 EPS guidance when it reported its Q1 earnings. Agco expects FY08 EPS of $3.00 to $3.15 vs. consensus of $3.27. The company stated at the JP Morgan Basics & Industrials conference that it expects FY08 cap ex of $190M to $200M.
Credit Suisse upgraded the company to Outperform from Neutral on May 27. The firm based the upgrade on valuation and strong demand for farm equipment. The firm raised the company's price target to $72 from $63. Wachovia upgraded the company to Outperform from Market Perform on June 16. The firm based the upgrade on valuation and improved long-term commodity price fundamentals.